 "SpiceJet")
Shares of aviation companies rebounded from their early lows and were trading higher by up to 10% after Jet Airways, IndiGo and SpiceJet said they would pursue legal steps against Competition Commission of India (CCI) order imposing penalties totalling Rs 258 crore on them for anti-competitive practices related to air cargo. CLICK HERE TO READ FULL REPORT.
At 12:22 PM, SpiceJet was trading 10% higher at Rs 52.70, bouncing back 14% from intra-day low of Rs 46.25 touched on BSE in early morning trade.
The stock hit a fresh 52-week high of Rs 53.50 on back of heavy volumes. A combined 2.42 million shares already changed hands so far against an average 1.18 million shares that were traded daily in past two weeks on BSE.
SpiceJet clarify that the investigation conducted by the Director General (DG) in the matter concluded that the airlines did not indulge in anti-competitive activities.
SpiceJet has made the clarification on the recent order dated November 17, 2015 of CCI imposing penalties on various airlines, including the company for alleged concerted action in relation to cargo fuel surcharge.
“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 said in a regulatory filing.
Shares of IndiGo's parent InterGlobe Aviation were also trading higher by 1% at Rs 1,045, recovering 3% from early morning low of Rs 1,015 on BSE. The stock touched an intra-day high of Rs 1,059, its highest level since listing on November 10.
Jet Airways was down less than 1% at Rs 426 on BSE. The stock however, bounced back nearly 4% from intra-day low of Rs 410.
At 12:22 PM, SpiceJet was trading 10% higher at Rs 52.70, bouncing back 14% from intra-day low of Rs 46.25 touched on BSE in early morning trade.
The stock hit a fresh 52-week high of Rs 53.50 on back of heavy volumes. A combined 2.42 million shares already changed hands so far against an average 1.18 million shares that were traded daily in past two weeks on BSE.
SpiceJet clarify that the investigation conducted by the Director General (DG) in the matter concluded that the airlines did not indulge in anti-competitive activities.
SpiceJet has made the clarification on the recent order dated November 17, 2015 of CCI imposing penalties on various airlines, including the company for alleged concerted action in relation to cargo fuel surcharge.
“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 said in a regulatory filing.
Shares of IndiGo's parent InterGlobe Aviation were also trading higher by 1% at Rs 1,045, recovering 3% from early morning low of Rs 1,015 on BSE. The stock touched an intra-day high of Rs 1,059, its highest level since listing on November 10.
Jet Airways was down less than 1% at Rs 426 on BSE. The stock however, bounced back nearly 4% from intra-day low of Rs 410.
