India's SpiceJet surges on report of potential stake sale by promoter

Shares of India's SpiceJet closed nearly 13% higher on Wednesday, following a report that promoter Ajay Singh was exploring the option of selling a portion of his stake in the budget carrier. SpiceJet is in talks with a Middle Eastern carrier for the sale and discussions are also ongoing with a large Indian conglomerate, Indian business news channel CNBC-TV-18 reported, citing sources. Singh holds a stake of about 60% in the airline, it added. SpiceJet did not respond to a Reuters request for comment. Dubai's Emirates has no plans to acquire a stake in any airline in India or elsewhere, a spokesperson for the company said. Abu Dhabi's Etihad Airways, which has held stakes in nine different carriers, including India's Jet Airways, declined to comment when asked by Reuters if it was in talks to take a minority stake. Etihad has largely walked away from investing in other carriers after the strategy failed and contributed to billions of dollars in losses at the state-owned carrier, forcing a change in management five years ago.<br/>