Big Relief for SpiceJet: Stock Rallies

SpiceJet has expressed satisfaction with the Supreme Court’s recent decision to dismiss an appeal filed by Kalanithi Maran, challenging a previous High Court ruling in favour of the airline. The High Court had overturned a single-judge order that mandated SpiceJet to pay a substantial sum to Maran as interest on an arbitral award. This latest development marks a significant win for SpiceJet in a prolonged legal battle with Maran.

Legal Battle Concluded in Favor of SpiceJet

The Supreme Court’s dismissal of Maran’s appeal reinforces SpiceJet’s stance on the matter. With this legal hurdle cleared, the airline is now poised to pursue a refund of Rs 450 crore, as previously announced. This recovery will contribute substantially to strengthening the airline’s financial position.

Financial Boost and Future Expansion

The successful resolution of this legal dispute comes at a crucial time for SpiceJet. The airline is currently undertaking initiatives to raise additional funds, and the expected refund will further bolster its financial stability. With a fortified financial foundation, SpiceJet is well-positioned to explore opportunities for expansion and growth in the aviation sector.

About SpiceJet Ltd

SpiceJet is Indiaʹs favourite airline that has made flying affordable for more Indians than ever before. SpiceJet is an IATA‐IOSA certified airline that operates a fleet of Boeing 737s & Q‐400s and is one of the countryʹs largest regional players operating multiple daily flights under UDAN or the Regional Connectivity Scheme. The majority of the airlineʹs fleet offers SpiceMax, the most spacious economy class seating in India. The company has a market cap of over Rs 4,500 crore.

Stock Price Update

Today, shares of SpiceJet Ltd zoomed 5.6% to an intraday high of Rs 60.84 per share from its previous closing of Rs 57.62 per share. The stock’s 52-week high is Rs 77.50 and its 52-week low is Rs 29. The stock gave multibagger returns of over 100% in just 1 year.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.