SpiceJet dips as AAI demands Rs 200 crore deposit

SpiceJet dropped 4% on the BSE after AAI asked it to deposit Rs 200 crore, else it could be put in the cash-and-carry mode

Shares of  low cost carrier SpiceJet dropped 4% to Rs 17 on the BSE after the state-run Airports Authority of India asked the company to deposit Rs 200 crore ($31.5 million) by Dec 31, failing which the airline could be put in the so-called cash-and-carry mode.

Cash-strapped SpiceJet needs urgent funding to continue operations smoothly. It was forced to briefly ground its aircraft this month as suppliers refused to fuel them.

Co-founder Ajay Singh is leading a rescue plan for the airline and could team up with private-equity players to infuse funds, government officials have said previously.

The stock opened at Rs 17.30, touched a high of Rs 17.45 and a low of Rs 16.75 on the BSE. A total of 6,665,017 shares have been exchanged on the BSE.