HDFC Trustee Co picks 5.45% stake in SpiceJet

HDFC Trustee Company, a wholly owned subsidiary of HDFC, has bought 3.4 crore shares or 5.45% stake in low fare airline SpiceJet, said a person close to the development.

HDFC Trustee Company Limited is the trustee to HDFC Mutual Fund, the country’s largest.

The shares were bought from the open market. SpiceJet’s shared were trading at Rs 35.65 apiece, down 3.65% compared to its previous close on Friday.


India’s airlines had to suspend operations due to a 21-day lockdown announced by Prime Minister Narendra Modi on Tuesday to prevent the spread the Coronavirus.

India’s carriers, like their global peers, have suffered a huge impact on their businesses as travel has almost completely eroded due to the pandemic. Sydney-based aviation consultant CAPA has estimated a $1.75 billion loss for Indian carriers in April-June of FY21.