Ajay Singh, Managing Director and one of the promoters of SpiceJet, has sold nearly 1% of his stake in the budget airline for Rs 52 crore through an open market transaction. According to bulk deal data on the Bombay Stock Exchange (BSE), Singh divested over 1.15 crore shares, which represents a 0.9% stake in the Gurugram-based airline.
The shares were sold at an average price of Rs 45.34 per share, amounting to a total transaction value of Rs 52 crore. This move marks a significant shift for Singh, who has been closely associated with the airline’s operations and growth over the years. The sale comes as SpiceJet continues to face financial and operational challenges, with rising competition in the budget airline sector.
The divestment raises questions about Singh’s future involvement with the airline, although he remains a key figure in SpiceJet’s leadership. The company has seen fluctuating performance in recent times, impacted by high fuel prices and operational disruptions. Despite these challenges, SpiceJet continues to be a significant player in India’s aviation market, with an extensive domestic network and a growing presence in international routes.
This sale of shares by Singh may be seen as part of his broader strategy to raise capital or diversify his holdings. It remains to be seen how this move will impact SpiceJet’s stock price and investor sentiment in the coming weeks. However, the airline’s management and future direction will continue to be closely watched as it navigates these challenges and opportunities in the competitive aviation sector.
