Spicejet terms a news report of Kuwait Airways targeting nearly 25 per cent stake in the airline as media speculation.

The SpiceJet scrip spurted nearly 8 per cent on Monday following a news report that Kuwait Airways was looking to pick up nearly 25 per cent stake in the airline, although the Indian company termed it as media speculation.

After surging 9.56 per cent to Rs 30.35 in the intra-day trade, the stock finally ended at Rs 29.90, up 7.94 per cent from its previous close on the BSE.

On the volume front, 69.39 lakh shares of the company changed hands on the BSE.

In a filing to the BSE, SpiceJet said: “We reiterate that few investors have evinced interest in the company post Government of India allowing FDI in civil aviation sector to foreign airlines, it will be very premature to comment on the possibilities of any fresh equity issuance to such interested parties or confirm/deny names of any specific entity.”

It added: “We would like to reiterate that these are speculative media reporting.”

More In: Industry | Business