SpiceJet zooms as ex-promoter plans turnaround

Shares of SpiceJet were up 15% at Rs 15.15 on talk of ex-promoter planning a turnaround by fund infusion while resumption of normal operations on Thursday also helped sentiment.

Ministry sources said former promoter and director of the airline Ajay Singh, who met Raju, was expected to come out with a plan to the government on Monday, which might involve a consortium of foreign investors.

Top sources in the ministry say investors are looking at pumping in around Rs 1,100 crore, which they believe would get it back on track.

The stock opened at Rs 14.50 and touched a high of Rs 15.40. At 11:10AM nearly 13 million shares were traded on the BSE.