SpiceJet gained over 7 percent in early morning trade on Wednesday on reports that lessors offered Jet Airways' grounded planes to the airline. Jet Airways fell 6.5 percent on the development.

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A report by news agency IANS claimed that at least 50 aircraft are on offer under dry lease terms from Jet's lessors. These lessors have grounded their aircraft as dues were not paid by Jet Airways to them.

The development has been received optimistically by SpiceJet which had to ground 12 of its 737 Max 8 aircraft due to government's restrictions owing to safety issues.

"Lessors with 50 planes, all belonging to Jet, have contacted SpiceJet," a source told IANS in Mumbai. "They are desperate to get out of Jet's financial mess," the source added.

The cash-strapped carrier is regularly grounding its aircraft as it is unable to pay the dues to its lessors. So far it has been forced to ground over 40 aircraft.

At 10:40 am, SpiceJet was trading 5.4 percent higher at Rs 83 per share on BSE. In comparison, the S&P BSE Sensex was trading at 38,436, up 73 points (0.2 percent). Jet Airways was trading at Rs 219, down 4 percent.