SpiceJet shares rise over 3% on talks for fund infusion

MUMBAI: Shares of budget carrier SpiceJet today rose by over 3 per cent as the company may soon receive the much-needed capital infusion.

SpiceJet's stock ended the day 3.32 per cent higher at Rs 17.10 on the BSE. During the day, the scrip gained 5.43 per cent to Rs 17.45.

In terms of volume, 102.72 lakh shares of the company changed hands on the BSE during the day.

India's second largest budget carrier SpiceJet, which reported a record Rs 1,003 crore net loss last fiscal, may soon receive the much-needed capital infusion as talks with an overseas investor have reached "very advanced stages".

Media baron Kalanithi Maran-promoted carrier has been in need of cash for quite some time to keep it afloat.

"We are in very advanced stages of a capital infusion discussion with an external entity that when completed will help us clean up our arrears and rebuild with confidence," the airline said in a statement.

Meanwhile, in the stock market, the BSE benchmark Sensex ended at 24,376.88, up 13.83 points.