New Delhi: Shares of SpiceJet, Jet Airways and Interglobe Aviation recovered from the early lows after slipping up to 4 per cent as Competition Commission on Tuesday imposed penalties totalling Rs 258 crore on airlines accusing them of cartelising in fixing fuel surcharge on air cargo.
Stock of SpiceJet rose 6 per cent to Rs 50.90, after slipping as much as 3.64 per cent in the early trade on Bombay Stock Exchange (BSE).
Shares of InterGlobe Aviation fell for the first time since its listing, but quickly recovered to hit its intraday high of Rs 1059.20, up 2.32 per cent.
Jet Airways, however, continued to trade in red and slipped as much as 4.29 per cent to Rs 410.25.
While a penalty of Rs 151.69 crore has been imposed on Jet Airways, the fines slapped on InterGlobe and SpiceJet are Rs 63.74 crore and Rs 42.48 crore, respectively.
InterGlobe Aviation operates no-frills carrier IndiGo.
"Jet Airways is not in contravention of the provisions of the Competition Act and it shall pursue all available legal steps to defend its position," a Jet Airways spokesperson said about the Competition Commission of India (CCI) order.
SpiceJet's Corporate Affairs General Manager Ajay Jasra said, "We are examining the order. We are likely to challenge this verdict".
18/11/15 Business Today
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Stock of SpiceJet rose 6 per cent to Rs 50.90, after slipping as much as 3.64 per cent in the early trade on Bombay Stock Exchange (BSE).
Shares of InterGlobe Aviation fell for the first time since its listing, but quickly recovered to hit its intraday high of Rs 1059.20, up 2.32 per cent.
Jet Airways, however, continued to trade in red and slipped as much as 4.29 per cent to Rs 410.25.
While a penalty of Rs 151.69 crore has been imposed on Jet Airways, the fines slapped on InterGlobe and SpiceJet are Rs 63.74 crore and Rs 42.48 crore, respectively.
InterGlobe Aviation operates no-frills carrier IndiGo.
"Jet Airways is not in contravention of the provisions of the Competition Act and it shall pursue all available legal steps to defend its position," a Jet Airways spokesperson said about the Competition Commission of India (CCI) order.
SpiceJet's Corporate Affairs General Manager Ajay Jasra said, "We are examining the order. We are likely to challenge this verdict".
18/11/15 Business Today
