Tuesday, February 20, 2018

Jhunjhunwala bought 10 lakh more shares of SpiceJet last week

New Delhi: India’s air passenger growth has become the highest in the world, validating ace investor Rakesh Jhunjhunwala’s interest in the aviation sector.

Jhunjhunwala, who has bought shares of all three listed airline entities in the country, bought another 10 lakh shares of SpiceJetlast week.

The investor first bought shares of SpiceJet in 2012 and did a bulk purchase in November 2014, when the airline was on a downward trajectory that led to it shutting operations for a day in December.

On November 28, 2014, Jhunjhunwala’s Rare Enterprises picked up 75 lakh shares, or 1.4 per cent, in SpiceJet at an average cost of Rs 17.88 per share. The stock closed at Rs 141.10 on Tuesday, down 1.64 per cent from Monday’s close.

Jhunjhunwala and SpiceJet did not respond to ET’s queries till the time of going to press.

Stocks of Indian aviation companies have performed much better than their global peers, which could explain the interest behind aviation stocks. While IndiGoBSE 0.29 % has become the world’s second most expensive aviation stock, SpiceJet was the world’s best-performing airline stock during 2017.
20/02/18 Mihir Mishra/Economic Times