India's SpiceJet tumbles after report IndiGo's Gangwal to not invest in co

Spicejet

16/10/2023 06:26

** Shares of cash strapped SpiceJet  SPJT.BO  plunge as much
11.2% to 38.72 rupees, their biggest intraday percentage loss
since July 12     
    ** Rakesh Gangwal, co-founder of IndiGo operator Interglobe
Aviation  INGL.NS , does not intend to invest in SPJT, Economic
Times reported over the weekend, citing a banker close to him
    ** SPJT surged 20% on Friday after ET reported Gangwal was
in advanced stages to buy a "sizeable" stake in co 
    ** Co on track to snap four straight sessions of gains if
day's losses hold
    ** More than 8 mln shares traded by 10:44 a.m. IST, 1.6x
their 30-day moving avg
    ** Including day's losses, stock down 0.08% YTD 

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))