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SpiceJet, which was meandering quietly on the bourses during the day, suddenly witnessed frenzied action in the closing hours of the market. The stock, which was quoting around the Rs 52 level till 2 pm, jumped 21 per cent to end at Rs 61 after hitting an intra-day high of Rs 64. Volumes during the last one-and-half hours of trading also jumped quite sharply.

Market players attributed it to stake sale buzz by Deccan Aviation to Kingfisher that became very marked in the late afternoon. Deccan Aviation had since confirmed after close of market hours that it was offering a 26 per cent stake on a preferential basis to the United Breweries Group. According to brokers, the Deccan Aviation-Kingfisher deal once again revived the prospect of the entry of some strategic investor in SpiceJet in the future. However, company officials could not be reached for clarification.

K.S. Badri Narayanan

More Stories on : Stock Markets | Stocks | Ear to the ground | Airlines

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