Rakesh Gangwal doesn’t have the remotest interest in SpiceJet: Bankers

IndiGo co-founder Rakesh Gangwal has no intention of investing in SpiceJet, said a banker close to him. Gangwal was responding to media reports that said he plans to buy a stake in the low-fare carrier. “He still owns 25% in IndiGo. It doesn’t make the remotest sense for him to invest in SpiceJet,” said the banker.

Shares of SpiceJet soared on the news. They were up nearly 20% at Rs 43.60 during afternoon trading on the Bombay Stock Exchange.