New Delhi (PTI): Amid reports of stake sale in the company, SpiceJet Executive Chairman and CEO Siddhanta Sharma has quit the low-cost airline.

Confirming the development the company said in a statement, "The Board of Directors of SpiceJet has accepted the resignation of Siddhanta Sharma. Sharma is leaving SpiceJet for personal reasons effective July 31, 2008."

Sharma has been associatded with the airlines since its inception.

Recent reports have suggested that the private carrier is in touch with various investors, including billionaire Wilburn Ross, for a possible stake sale.

When contacted earlier, Sharma had told PTI, "We have appointed a merchant banker to talk to various interested investors, and WL Ross & Co is one of them."

SpiceJet had announced plans to raise 100 million dollars and how much stake to be diluted would depend on the valuation, he added.

The airline was also linked with Vijay Mallya-promoted Kingfisher Airline for a share swap merger.