SpiceJet shares surged nearly 6% on Wednesday after the Supreme Court of India rejected a damages claim filed by KAL Airways and former promoter Kalanithi Maran against the airline.
The stock rose to ₹40.25, gaining about 5.64% compared to its previous close of ₹38.10. The rally came after the Supreme Court dismissed Maran and KAL Airways’ ₹1,323 crore damages claim in a long-standing share transfer dispute.
The case stems from Maran and KAL Airways selling their entire stake in SpiceJet to its co-founder, Ajay Singh, back in 2015. The sellers had alleged that Singh and SpiceJet failed to issue warrants and preference shares as agreed and sought damages.
Supreme Court rejects Rs 1,323 crore damages claim by Kalanithi Maran, KAL Airways against SpiceJet
A bench of Justice PS Narasimha and Justice AS Chandurkar rejected the damages claim, effectively ending the legal battle in SpiceJet’s favour.
The stock extended gains during the session as market participants cheered the positive outcome for the airline, which removes a significant overhang of potential liability.
At 10:48 AM, SpiceJet was trading at ₹40.25, up over 5%, with a market cap of around ₹5,570 crore.
