SpiceJet slumps 5% after promising to complete Rs 100-crore payment to Kalanithi Maran

Shares of SpiceJet dropped nearly 5 percent on September 12, post the assurance of repayment of Rs 100 crore to the former promoter by the airline. At 10:31 am the SpiceJet stock was trading 4.81 percent lower at Rs 38.24 on NSE. The airline said it would complete the payment of Rs 100 crore to former promoter Kalanithi Maran by September 12. It would also make a payment of $1.5 million i.e., Rs 124,420,425 in the Credit Suisse case in accordance with a court directive.

Also Read: SpiceJet to complete Rs 100-crore payment to Kalanithi Maran today

The Supreme Court on Monday directed the airline to pay $1.5 million in a case related to unpaid dues to Credit Suisse by Sept 15. SpiceJet has made a payment of Rs 77.5 crore to Kalanithi Maran and will complete the payment of Rs 100 crore by Tuesday. SpiceJet will also pay $1.5 million to Credit Suisse. Till date, SpiceJet has already paid a total of $8 million to Credit Suisse.

Also Read: SpiceJet Vs Credit Suisse: SC sets payment deadline for Ajay Singh, warns of ‘drastic measures’ on failure to comply

Recent developments in SpiceJet

According to a filing with BSE on September 5, the company informed the exchanges that it has obtained extension of time for holding its Annual General Meeting (AGM) for the financial year ended March 31, 2023. This has fuelled a 22.44-percent rally in the airline stock over the last five days.

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SpiceJet Shareholding Pattern

SpiceJet has a market capitalisation of Rs 2,736 crore, with promoters holding 58.98 percent of the stock. Public and FIIs hold 40.67 percent and 0.33 percent of the stock, respectively. DIIs own the remaining 0.03 percent.

Stock Performance

On a 5-year basis, the Spicejet stock has lost 49.08 percent of its value. The benchmark Nifty50 index has given a return of 73.65 percent over the same duration.

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