Stocks

HDFC Trustee Co picks 5.4% stake in SpiceJet

?OUR BUREAU New Delhi | Updated on March 30, 2020 Published on March 30, 2020

HDFC Trustee Company Ltd has bought 3.4 crore shares of SpiceJet from the open market constituting 5.45 per cent stake in the Delhi- headquartered low-cost airline.

HDFC Trustee Company is the Trustee to HDFC Mutual Fund (country’s largest mutual fund) and is a wholly-owned subsidiary of HDFC.

“This act shows that companies such as HDFC, which owns the country’s largest mutual fund, has confidence in the airline to come out of the current crisis,” a source close to the development said.

SpiceJet officials were unavailable to comment and there was no listing on the BSE.

SpiceJet stock closed at ₹35.15 on the BSE on Monday, down 5 per cent.

On February 14, SpiceJet had reported a net profit of ₹73.2 crore for the quarter ended December 31 as against a net profit of ₹55.1 crore reported during the same period previously.

Published on March 30, 2020

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