SpiceJet shares down 10% on stake sale report

Mumbai: Shares in Spicejet Ltd fell as much as 10 percent on Friday on television reports that the Sun TV founder has struck a deal to buy a 40 percent stake below the current market price, dealers said.
Kalanithi Maran, founder of the media company is close to picking up stake from WL Ross and India Asset Recovery Fund at 40 rupees a share and the deal is likely to be announced on Saturday, television channel ET Now reported citing sources.
Shares in SpiceJet closed 3.11 percent down at 56.05 rupees on Friday.
"The deal seems to be at a sharp discount to the current market price and investors are reacting to it," said Dev Kapadia chief dealer with Mumbai-based brokerage, Lalkar Securities.
11/06/10 Reuters/Economic Times

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Categories: SpiceJet Jun 2010