SpiceJet soars on buzz Rakesh Jhunjhunwala buying stock

SpiceJet jumped 11.8 per cent to Rs 36 on the BSE on Tuesday amid market speculation that ace investor Rakesh Jhunjhunwala is accumulating the stock after buying 25 lakh shares through a block deal at Rs 30.77 a piece on July 30.

The stock has gained 39 per cent since July 29.

In early trade on Wednesday, the stock was trading at Rs 34.80, down 3.33 per cent.

Jhunjhunwala bought the shares through the bulk deal on the day the company announced better-than-expected results. On Tuesday, the stock was trading about 4 per cent above the previous day’s closing price before it suddenly surged just after 2:00 p.m..