SpiceJet shares fall 4% after SC directs payment of Rs 270 crore to ex-promoter Kalanithi Maran

The Supreme Court also directed the airline to pay within three months Rs 75 crore to Maran and Kal Airways towards the interest component on the arbitral award.. Representative Image. Credit: PTI File Photo

Shares of SpiceJet on Tuesday fell by 4 per cent on Tuesday after the apex court directed the airline to encash bank guarantee and pay Rs 270 crore to its former promoter Kalanithi Maran.

The scrip of the company declined 3.99 per cent to Rs 33.65 apiece on the NSE.

The stock witnessed a similar movement on the BSE, where it slumped by 3.85 per cent to Rs 33.70 per share.

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Meanwhile, the 30-share BSE Sensex was trading 512.65 points or 0.85 per cent higher at 60,944.49 points.

On Monday, the Supreme Court of India said that SpiceJet's bank guarantee of Rs 270 crore must be encashed immediately and the money be paid to media baron Kalanithi Maran and his Kal Airways, towards dues from the arbitral award of Rs 578 crore.

It also directed the airline to pay within three months Rs 75 crore to Maran and Kal Airways towards the interest component on the arbitral award.

This will ensure that the principal sum due in the award is paid almost in entirety, it added.