Mumbai: Shares of SpiceJet zoomed almost 20 percent on Friday on expectations of revival of the distressed air carrier.
Ajay Singh, one of the company's original promoters, met Civil Aviation Minister Ashok Gajapathi Raju yesterday in an effort to bring the troubled carrier out of crisis.
Cheering the move, shares of the beleaguered carrier soared 19.70 percent to settle at Rs 15.80, the upper circuit limit of the stock on BSE.
On volume front, 296.87 lakh shares of the company changed hands at the BSE during the day.
"They (SpiceJet) have told the Ministry that they are likely to get an investor. The airline does not have a safety issue (but) it is going through financial stress. They are trying to address their financial woes," Raju had said after the meeting late last evening.
He said Singh shared some "thoughts" about the no-frill carrier's recapitalisation plans though these were not concrete plans as yet.
SpiceJet has debts of Rs 1,600 crore as on December 5 which had prompted aviation regulator DGCA to put them under heightened surveillance.
