Spicejet stock gains 4%; to challenge Competition Commission order

The Company is examining the order and shall be taking such steps, including challenging the order in appropriate forum as may be advised and deemed necessary to defend the Company's position.

Spicejet stock was up by 4% at Rs. 54. The airline announced that this has reference to recent order dated November 17, 2015 of Competition Commission of India imposing penalties on various airlines, including SpiceJet Limited (the “Company”) for alleged concerted action in relation to cargo fuel surcharge. In this regard, we would like to clarify that the investigation conducted by the DG in the matter concluded that the airlines did not indulge in anti-competitive activities.

The Company is examining the order and shall be taking such steps, including challenging the order in appropriate forum as may be advised and deemed necessary to defend the Company's position.

The scrip opened at Rs. 53.25 and has touched a high and low of Rs. 55.5 and Rs. 52.8 respectively. So far 6951798(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 3150.11 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 54.4 on 18-Nov-2015 and a 52 week low of Rs. 11.25 on 16-Dec-2014. Last one week high and low of the scrip stood at Rs. 54.4 and Rs. 46.25 respectively.

The promoters holding in the company stood at 60.32 % while Institutions and Non-Institutions held 0.61 % and 39.08 % respectively.

The stock is currently trading below its 50 DMA.