Shares of SpiceJet soared more than 8% on Tuesday after an Ahmedabad-based stock broker bought a stake in the firm a day ago.

What Happened: Plutus Wealth Management on Monday acquired 85 lakh shares of SpiceJet, representing a 0.66% stake via a bulk deal on BSE. The shares were bought at an average price of ₹59.95, totalling ₹50.9 crore. 

This comes amid a slew of similar deals in the past week. On Friday, Singularity Holdings purchased 65 lakh shares in the company at an average price of ₹61.61.

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In September, the airline raised ₹3,000 crore by selling shares to qualified institutional buyers. Goldman Sachs and Societe Generale were among the investors that received more than 5% of the securities offered in the issue. Ever since then, the carrier has reportedly cleared the salary dues for its employees and it is planning to add more aircraft to its fleet. 

Shares of the firm have been see-sawing amid a host of operational and regulatory issues. At the end of August, the Directorate General of Civil Aviation put the airline under enhanced surveillance with increased spot checks and night-time surveillance to ensure operational safety. 

Then in September, Delhi International Airport Ltd (DIAL), which operates Delhi Airport, reportedly asked the airline to settle its outstanding dues as soon as possible. However, the airline’s shares recovered after a fresh infusion of funds.

In the past week, SpiceJet’s shares have gone up by 5.76%, and on a year-to-date basis, they have gained 9.99%. 

Price Action: SpiceJet soared by 4.71% to trade ₹66.70 on Tuesday.

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