SpiceJet rallies on stake sale reports

Stocks

oi-Sunil

By Sunil Fernandes

Published: Wednesday, November 21, 2012, 10:24 [IST]

Shares of the Kalanithi Maran controlled SpiceJet rallied more than three percent after media reports revealed that Kalanithi and Kavery Maran quit holding company (of SpiceJet) - KAL Airways.

Reports of stake sale and foreign airlines buying a stake in SpiceJet have been doing the report for quite sometime now. In September the government had cleared 49% FDI in aviation, after dilly dallying on it for a long time.

Analysts were than hopeful that foreign airline would pick a stake in Indian aviation companies, but, nothing has fructified so far.

Aviation companies in India are saddled with massive debts and losses.

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