Spicejet shares soar nearly 5 pc

Shares of Spicejet surged nearly 5 per cent today after an arbitration tribunal rejected the Rs 1,323-crore damages claim from the company and a bid to take control of the airline by its previous owner Kalanithi Maran and his company Kal Airways. The stock soared 4.63 per cent to end at Rs 109.70 on BSE. In intra-day, it zoomed 9.48 per cent to Rs 114.80.

A total of 19 lakh shares of the company were traded on BSE during the day.

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The low-cost carrier has informed the exchanges that on July 20, an arbitration tribunal rejected Maran's claim of damages of Rs 1,323 crore for not issuing convertible warrants and preference shares to him and Kal Airways.