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BUZZ-India's SpiceJet falls on media report former promoter seeks compensation
July 11, 2017 / 5:08 AM / a month ago

BUZZ-India's SpiceJet falls on media report former promoter seeks compensation

** Shares of carrier SpiceJet Ltd fall as much as 3.7 pct to 120.6 rupees, lowest in over a week

** Former promoter Kalanithi Maran seeks over 20 bln rupees ($310.21 mln) compensation from the company, an Economic Times article stated bit.ly/2tCiHjd

** The claim for compensation has been filed before an arbitral tribunal - ET

** Maran's claim is based on losses incurred because of SpiceJet's alleged failure to issue convertible warrants and preference shares to him and his KAL Airways

** SpiceJet could not be immediately reached for comment

** A SpiceJet spokesman is quoted by ET as saying "the question of damages does not arise"

** Stock is second-best performing global airline this year, rising as much as 119 pct as of Monday's close, behind Air France KLM SA ($1 = 64.4725 Indian rupees)

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