Stocks

SpiceJet shares zoom over 11 per cent

Internet Desk | Updated on October 23, 2020 Published on October 23, 2020

Shares of SpiceJet has been the high performer in the Nifty Midcap index on Friday. It had touched an intraday high of ₹53.2 (up 11.18) before cooling down to trade at ₹52.20 in noon trade

In today's trade, the volume has already crossed yesterday's figure, and the scrip has outperformed its sector by 8.61 per cent.

Earlier on Thursday, KAL Airways and Kalanithi Maran moved the Delhi High Court to make SpiceJet pay them ₹242.93 crore, the low-cost airline approached the Supreme Court for relief.

Last month, the Delhi High Court had asked SpiceJet to pay the amount to KAL Airways and Maran within six weeks.

Deadline expiry

The deadline expired on October 14, and the Marans and KAL Airways waited a week before appealing in the High Court again, on Thursday.

Maran and KAL also sought directions for the appointment of an administrator/officer to take over the management of the company with the direction to apportion and pay to them the amount due till the date of actual payment, by liquidating current promoter Ajay Singh's shares in SpiceJet.

Subsequently, SpiceJet on Thursday approached the Supreme Court seeking relief.

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Published on October 23, 2020
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