The shares of this aviation stock surged by almost 4.5 percent after the company announced that the Delhi High Court has dismissed the petition filed by Kalanithi Maran & KAL Airways seeking damages worth Rs 1,300 crores.
With a market capitalization of Rs 6,349 crore, the shares of SpiceJet Ltd are currently trading at Rs 44.9 per share, down by 43.8 percent from its 52-week high of 79.90 per share. In the last one year, the stock has delivered a negative return of 23 percent. As of March 2025, Goldman Sachs and Morgan Stanley hold a 1.36 percent and 1.40 percent stake respectively, in the company
About the announcement
On Monday, Spicejet, through a stock exchange filing announced that the Delhi high court had dismissed the appeal filed by KAL Airways and businessman Kalanithi Maran seeking damages of more than Rs 1,300 crore from the company.
It stated that the Division Bench of the Delhi High Court in its order dated May 23, 2025 has dismissed the appeal filed by KAL Airways and Kalanithi Maran seeking damages of more than Rs.1300 crore and other claims. These assertions were already previously rejected by the Arbitral Tribunal and then the Delhi High Court.
Also read: 1:1 Bonus Shares: Stock in focus after company’s board approves bonus issue
About the incident
The whole saga kicked off back in January 2015 when Singh bought back SpiceJet from Kalanithi Maran after the airline hit a rough patch and was forced to ground its operations. Maran had previously handed over a 58.46 percent stake in SpiceJet to Singh for a mere Rs 2, along with that stake came a hefty Rs 1,500 crore debt.
As part of their deal, Maran claimed he had paid Rs 679 crore for warrants and preference shares that, in reality, were never issued. Fast forward to 2017, and he took his grievances to the Delhi High Court, arguing that the shares were never issued and he deserved a refund. However, the tribunal ultimately decided there was no breach of the agreement and dismissed Maran’s claim for damages amounting to Rs 1,323 crore.
Written by Satyajeet Mukherjee
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
