SpiceJet spurts after CCI nod for change of guard

SpiceJet surged 14.79% to Rs 22.90 at 9:42 IST after the Competition Commission of India approved the proposed acquisition of entire shareholding of the company's existing promoters by Mr. Ajay Singh.

The company made the announcement before market hours today, 20 February 2015.

Meanwhile, the S&P BSE Sensex was down 267.52 points or 0.91% at 29,194.75.

On BSE, so far 34.41 lakh shares were traded in the counter as against avearge daily volume of 31.96 lakh shares in the past two weeks.

The stock hit a high of Rs 23.50 and a low of Rs 22.50 so far during the day.

SpiceJet said it has been informed by Mr. Ajay Singh that the Competition Commission of India has approved the proposed combination and acquisition of entire shareholding of Mr. Kalanithi Maran and Kal Airways (i.e. existing promoters) aggregating to 58.46% by Mr. Ajay Singh, in terms of the Competition Act, 2002.

SpiceJet reported a net loss of Rs 275.03 crore in Q3 December 2014, higher than net loss of Rs 172.80 crore in Q3 December 2013. Net sales declined 27.6% to Rs 1300.76 crore in Q3 December 2014 over Q3 December 2013.

SpiceJet is India's second largest airline by domestic passenger share.

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