Rakesh Gangwal, one of the co-founders of IndiGo, has refuted claims of any intention to invest in SpiceJet, as stated by a banker closely associated with him. These statements from Gangwal come in response to recent media reports suggesting his interest in acquiring a stake in the budget airline.
The banker emphasized that Gangwal’s existing ownership of 25% in IndiGo makes any investment in SpiceJet highly improbable. Moreover, Gangwal reportedly holds a negative outlook on SpiceJet, viewing it as a struggling airline in its current state.
Following the news, the shares of SpiceJet experienced a notable surge, increasing by nearly 20% and reaching Rs 43.60 during afternoon trading on the Bombay Stock Exchange.
The banker, who chose to remain anonymous, conveyed Gangwal’s frustration with the misinformation that has been misleading retail investors. As a result, Gangwal expressed his desire for the Securities and Exchange Board of India (SEBI) to investigate the origins of these unfounded rumors.
Rakesh Gangwal and his family previously held a little over 37% of IndiGo’s ownership. However, due to a contentious dispute with co-founder Rahul Bhatia, Gangwal decided to part ways with the airline. Throughout the year, Gangwal and his family have been progressively selling their stake and are aiming to completely divest from the airline within the next 3-4 years.
