Why did Spicejet shares surge over 5% on Monday?

Shares of Spicejet today surged over 5% amid reports that two Gulf airlines have approached the company for buying a stake in the domestic firm. 

Following the buzz, the stock rose by 5.22% to Rs 23.15 on BSE.

On the volume front, 29.97 lakh shares of the company were traded at BSE during the morning trade. 

According to media reports, two big Gulf airlines have approached Ajay Singh-promoted SpiceJet for buying a stake in the airline. 

Meanwhile, the benchmark BSE Sensex was trading at 28,337.42, down 121.38 points at 1230 hrs.