SpiceJet tanks 17% on heavy volumes
The company owes about Rs 200 crore to the AAI and various tax authorities, report.
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SpiceJet has tanked 17% to Rs 13.90 on BSE on reports that the company owes about Rs 200 crore to the Airports Authority of India (AAI) and various tax authorities as adverse operating environment has impacted its performance.
In their audit report for FY13, S R Batliboi & Associates, which audited the airline’s accounts, said SpiceJet was not regularly depositing “undisputed statutory dues” including TDS, value-added tax and service tax, and that there have been delays in a large number of cases, the Business Standard report suggests.
The stock opened at Rs 16 and hit a low of Rs 13.60 on BSE. The trading volumes on the counter surged nearly five-fold with 13.5 million shares changing hands till 1500 hours on BSE.
In their audit report for FY13, S R Batliboi & Associates, which audited the airline’s accounts, said SpiceJet was not regularly depositing “undisputed statutory dues” including TDS, value-added tax and service tax, and that there have been delays in a large number of cases, the Business Standard report suggests.
The stock opened at Rs 16 and hit a low of Rs 13.60 on BSE. The trading volumes on the counter surged nearly five-fold with 13.5 million shares changing hands till 1500 hours on BSE.
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First Published: Jul 30 2014 | 3:04 PM IST