SpiceJet shares surge nearly 18 per cent to hit over two-month high

Shares of SpiceJet Ltd surged nearly 18 per cent on Wednesday to hit a more than two-month high following reports that promoter Ajay Singh was exploring the possibility of selling a part of his 59.4 per cent stake to raise funds for the troubled airline.

Industry sources said the cash-strapped carrier was in talks with a West Asian airline, which has expressed interest to pick up a 24 per cent stake and a board seat in SpiceJet.

The budget carrier has also been approached by a big Indian conglomerate for a stake in the airline.