The shares of the company were up almost 15% after the reports, linking a stake sale to the Malaysia based airline. SpiceJet was last traded at Rs 45.05 on the Bombay Stock Exchange.
Indian private sector airlines have been rallying ever since reports of stake sale have been associated with foreign players.
Along with SpiceJet, shares of Jet Airways rallied after reports that the company's promoters were selling their stake to Etihad Airways. Currently, the Naresh Goyal controlled airline has total promoter holding of 80 per cent.