SpiceJet slips 2.5% after Delhi HC order on share transfer row with K Maran
SpiceJet ended 2.5 per cent lower on the BSE at Rs 52.3, but recovered from an intra-day low of Rs 51.60 on Monday, after the Delhi High Court asked cash-strapped airline to deposit within six weeks an additional Rs 243 crore in connection with a share-transfer dispute with ex-promoter Kalanithi Maran, owner of Sun group. In comparison, the S&P BSE Sensex ended marginally higher – up 0.16 per cent at 38,417 levels.
Maran has the right to seek status quo on SpiceJet’s shareholding if the amount is not deposited within the deadline, meaning the company won’t be able raise new capital from the market through issuance of fresh shares or stake sale, the Business Standard reported.
