SpiceJet Jumps Over 8% on Fleet Expansion Plans

Shares of SpiceJet rose over 8 per cent on Monday as its chairman and main promoter Ajay Singh will invest more money in the airline for fleet expansion.

The stock jumped 8.26 per cent to Rs 19.65 at the BSE.

With fortunes of SpiceJet on an "upswing again", its chairman and main promoter Ajay Singh will look at putting in more money for fleet expansion, even as he continues to explore various investment options.

Mr Singh, the original co-founder, has so far invested about Rs 800 crore into the no-frills airline since he took back the reins last December after a major crisis had hit the company.

"We were at a phase where the airline was actually shut down... The focus is now on getting back consumer confidence and we will work on that for a few more months," Singh told reporters in New Delhi.

"SpiceJet is on a highly visible upswing again... Funding requirement depends on how much the company needs," he said, adding that more money would be put in for expanding fleet.

"Some investors are interested in the airline... We continue to look at options (for investment), he added.

Under the revival plan, Mr Singh was to invest Rs 1,500 crore in the carrier.

"We are looking at expanding the fleet," said Singh, who is now chairman and managing director.

At 1:45 p.m., its shares were up 4 per cent at Rs 18.90.