SpiceJet Shares Surge On Heavy Trading Volumes
The Gurugram-based budget airline operator- SpiceJet's share price surged as much as 14.24 per cent to Rs 104.70 on the BSE as trading volumes spiked in early hours. Trading volume in SpiceJet shares spiked by over five times its 20-day average.
Over 99 lakh SpiceJet shares changed hands on the BSE compared with an average of 19.74 lakh shares traded daily in the past two weeks.
Earlier this week, a report suggested that SpiceJet could benefit from cash-strapped Jet Airways being forced to ground planes, and the low-cost carrier was in talks with lessors to lease some of those aircraft, Reuters reported citing an unidentified person with knowledge of the matter.
"Lessors are panicking as they haven't been paid and if Jet goes for insolvency, their planes will be stuck in India, so many of them are chasing SpiceJet," Reuters report quoted the person as saying.
As of 11:20 am, SpiceJet share price traded 8.18 per cent higher at Rs 99.15.