Shares of SpiceJet Limited (BSE:500285) tumbled over 11% to INR 38.7 in October 16, 2023 trade on BSE after a report stated that IndiGo co-founder Rakesh Gangwal had no intentions to buy a stake in the budget Indian airline carrier. Rakesh Gangwal has no intention of investing in SpiceJet, said a banker close to him. Gangwal was responding to media reports that said he plans to buy a stake in the low-fare carrier.

"He still owns 25% in InterGlobe Aviation Limited (NSEI:INDIGO). It doesn't make the remotest sense for him to invest in SpiceJet," said the banker. Gangwal "is upset that retail investors are misguided thus, he would like to appeal to the Sebi to investigate the root of such baseless rumours," said the banker, who didn't want to be named.

Gangwal and his family owned close to over 37% stake in IndiGo. He decided to part ways with the airline after a bitter feud with co-founder Rahul Bhatia. Gangwal and his family have been selling stake throughout the year and aim to exit the airline in 3-4 years.

On October 13, SpiceJet shares rallied nearly 18% amid a media report that said the co-founder of airline IndiGo, Rakesh Gangwal, was in advanced stage of talks to acquire a stake in the BSE-listed firm.