SpiceJet hits 18-month high on clearing tax dues

The stock rallied 5% and hit a high of Rs 25.70, its highest level since August 2013 on BSE in intra-day trade today.

Shares of SpiceJet has rallied 5% to Rs 25.25 on BSE on back of heavy volumes after a media reports suggests that the budget carrier has cleared all tax dues.

The stock opened at Rs 24.85 and touched a high of Rs 25.70, its highest level since August 2013 on BSE. Till 1043 hours, about 5.29 million shares changed hands as against an average 8.2 million shares that were traded daily in past two weeks on BSE.

“The airline paid the last tranche of Rs 100 crore towards tax deducted at source on Tuesday, while service tax dues were cleared a few weeks ago,” Business Standard reports suggest. CLICK HERE TO READ FULL REPORT.

On Tuesday, February 24, Spicejet has informed BSE that Ajay Singh, a co-founder of SpiceJet Ltd is back in control.

In its filing to BSE, SpiceJet said pursuant to the share sale and purchase agreement dated January 29, 2015 between the company, existing promoters Kalanithi Maran, Kal Airways Private Limited and Mr Ajay Singh, the entire shareholding of the existing promoters aggregating 350.4 million equity shares (58.46% of the equity), has been transferred to Mr Ajay Singh on February 23, 2015.