IndiGo co-founder Gangwal in talks to buy 'sizable' stake in SpiceJet, ET Now reports

India's IndiGo co-founder Rakesh Gangwal is in talks to buy a "sizable" stake in troubled domestic airline SpiceJet , ET Now reported on Friday, citing sources. The news sent SpiceJet's shares up as much as 20%, before closing 19.4% higher. Cash-strapped SpiceJet, which is "struggling to stay afloat", has been scrambling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector. SpiceJet, whose market share slid to 4.4% as of September-end from 7.3% at the end of January, did not immediately respond to Reuters' request for comment on the report. Gangwal, who along with his wife Shobha Gangwal holds 16.22% in IndiGo-operator InterGlobe Aviation, could not be immediately reached for comment. Gangwal's Chinkerpoo Family Trust holds a 13.5% stake in Indigo, according to exchange data. <br/>