SpiceJet soars 8% in early trade as Jhunjhunwalas buy stock
Mumbai: Shares of SpiceJet on Monday surged 8 percent in early trade as ace investor Rakesh Jhunjhunwala and his wife Rekha picked up 25 lakh shares of the budget carrier for an estimated Rs 10 crore.
After making a bullish opening, shares of the company further jumped 8 percent to Rs 43.75 as the trade progressed on the BSE.
Jhunjhunwalas together bought 25 lakh shares of SpiceJet through open market transactions on Friday, as per merchant banking sources.
The shares were purchased on an average price of Rs 38.94 apiece, valuing the transaction at Rs 9.73 crore.
However, identity of sellers was not ascertained.
In July last year, Jhunjhunwala's Rare Enterprises had acquired 25 lakh shares of SpiceJet for Rs 7.69 crore.
In the broader market, the BSE benchmark Sensex was trading at 19,632.96, up 57.32 points at 1024 hrs.