SpiceJet crashes 5% after court slaps it with order to pay Rs 37.5 crore to Kalanithi Maran
SpiceJet shares were down 5.78 per cent, or Rs 2.31 per cent, at Rs 37.69 each in early trading on Tuesday (September 12). The Delhi High court on Monday slapped the airline with an order to pay Rs 37.5 crore by Tuesday (September 12) evening to its ex-owner, Kalanithi Maran.
SpiceJet Share Price: Shares of SpiceJet were in dire straits in Tuesday morning deals as it slid 5.78 per cent, or Rs 2.31 per cent, at Rs 37.69 each, a day after the Delhi High Court slapped the airline with an order to pay Rs 37.5 crore by Tuesday (September 12) evening.
The court was referring to its order dated August 24, when it had asked the airline to pay Rs 100 crore to Maran.
SpiceJet on Monday informed the airline that it had paid Rs 62.5 crore to Maran and was planning to give Rs 37.5 crore by Monday or Tuesday, depending on bank hours.
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SpiceJet also told the court that it couldn't comply with the payment deadline of September 10 as there were bank holidays on September 9 and 10.
While in court, SpiceJet wrote a cheque for Rs 37.5 crore, but Maran's side declined to take it and asked the airline to transfer the same amount through RTGS.
The total amount that SpiceJet owes to Maran is Rs 397 crore.
With the court ordering SpiceJet to pay Rs 100 crore to Maran by 10 September or facing asset attachment, SpiceJet still has a large amount to pay.
How SpiceJet shares have fared
Despite a sharp decline on Tuesday morning, the share of the embattled airline has performed well in the recent past.
It has jumped 12.08 per cent in the last five trading sessions, while it has soared 12.36 per cent in the last month.
However, its performance in the last one year is in stark contrast to the gains it has delivered in the last one month, as it has slumped 16.12 per cent in the last 12 months.
The benchmark Nifty 50 index, meanwhile, has jumped 1.88 per cent in the last five trading sessions, climbed 2.63 per cent in the last one month, and rose 11.21 per cent in the last one year.