IndiGo co-founder in talks to buy stake in SpiceJet

Bengaluru: IndiGo co-founder Rakesh Gangwal is in talks to buy a ‘sizable’ stake in troubled domestic airline SpiceJet, a news channel said on Friday, citing sources. The news sent SpiceJet’s shares up as much as 20%, before closing 19.4% higher. Cash-strapped SpiceJet, which is ‘struggling to stay afloat’, has been scrambling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector. SpiceJet, whose market share slid to 4.4% as of September-end from 7.3% at the end of January, did not immediately respond to request for comment on the report. Gangwal could not be reached for comment. Reuters