Millennium Post

Jhunjhunwala’s stake buy propels SpiceJet shares by 16.5%

Shares of SpiceJet surged 16.5 per cent on Monday after ace investor Rakesh Jhunjhunwala's Rare Enterprises picked up 75 lakh shares of the company for more than Rs 13 crore through open market. After surging 17.32 per cent to Rs 21.40 in intra-day trade on the BSE, SpiceJet's scrip finally ended at Rs 21.25, up 16.50 per cent from its previous close.

Led by the sharp rally in the stock, the company's market value jumped Rs 161.47 crore to Rs 1,137.47 crore. On the volume front, 304.91 lakh shares of the company changed hands on the BSE during the day. Amid the no frills carrier facing tough business conditions, Rare Enterprises picked up 75 lakh shares of SpiceJet for more than Rs 13 crore through the open market route.
PTI

PTI

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