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SpiceJet rises 4% as Delhi HC rejects Maran's ₹1,300 crore damages plea

Shares of SpiceJet jumped over 4 per cent on Monday after the Delhi High Court dismissed the appeal filed by KAL Airways and Kalanithi Maran seeking damages of over ₹1,300 crore. The airline's stocks rose as much as 4.45 per cent during the day to ₹45.7 per share, the biggest intraday gain since May 12 this year. The stock pared gains to trade 2.2 per cent higher at ₹44.8 apiece, compared to a 0.53 per cent advance in BSE Sensex as of 12:15 PM. Shares of the company have fallen nearly 20 per cent from its recent highs of ₹54.5, which it hit last month. The counter has fallen 19 per cent this year, compared to a 5.2 per cent advance in the benchmark Nifty50. SpiceJet has a total market capitalisation of ₹5,743.31 crore. SpiceJet legal tussle The Delhi High Court dismissed the appeal filed by KAL Airways and Kalanithi Maran seeking damages of more than ₹1,300 crore, among other claims, the airlines said in an exchange filing on Monday. These assertions were already previously rejected by the Arbitral Tribunal and then the Delhi High Court, it added. Earlier, the arbitration proceedings, led by a panel of three retired Supreme Court judges, had thoroughly examined and rejected the damages claim. "These claims were thoroughly examined and subsequently rejected by a panel of three retired Supreme Court judges. Following this, KAL Airways and Kalanithi Maran appealed to the Single-Judge Bench of the Delhi High Court, seeking the same amount in damages, which was also rejected by the court,' the airline said. Maran and KAL Airways claimed they paid ₹679 crore for warrants and preference shares that were never issued, triggering a legal battle. An arbitral tribunal initially ruled in their favour, ordering SpiceJet to refund ₹579 crore with interest. But in 2024, both the Delhi High Court and the Supreme Court overturned the award and sent the case back for reconsideration. About SpiceJet SpiceJet, an Indian low-cost carrier based in Gurgaon, Haryana, is known for its extensive network of domestic and international routes. The airline operates a fleet that includes Boeing 737 and Bombardier Dash 8 aircraft. SpiceJet posted a profit after tax (PAT) of ₹26 crore in the December quarter of financial year 2025 (Q3FY25), aided by overall improved performance. SpiceJet had posted a loss of ₹300 crore in the same quarter a year ago (Q3FY24).