Friday, Feb 27: Shares of SpiceJet Ltd. declined over 2% in early trade on Friday, with the stock trading at Rs 15.54, down 2.26% or Rs 0.36 at 9:23 AM (IST). The stock slipped below its previous close of Rs 15.90 amid fresh selling pressure in the morning session.
The counter witnessed sharp intraday volatility, briefly touching levels near Rs 15.50. The decline comes even as broader market indices also traded lower during the session. SpiceJet, listed on the BSE under code 500285, has seen heightened activity following recent developments related to pledged shares.
The weakness in the stock follows a disclosure by Authum Investment, which invoked pledged shares amounting to a 6.8% stake in the airline. In a stock exchange filing, Authum said it acquired 10.37 crore equity shares of SpiceJet on February 25 through invocation of pledged shares tied to outstanding dues of Spice Healthcare Pvt. Ltd.
The shares were originally held by promoter Ajay Singh and were pledged as security against the borrower’s obligations. Following the invocation, the entire 10.37 crore shares were transferred to Authum’s demat account.
Of these, 6 crore shares have already been sold, while 4.37 crore shares, representing a 2.86% stake, continue to remain in the dematerialised account as ongoing security.
SpiceJet, incorporated in December 1984, operates domestic and international passenger as well as cargo services. The airline reported a turnover of Rs 5,326 crore for FY25.
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