SpiceJet shares drop furthest in three years after allegations of late payment of taxes

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By admin July 30, 2014 11:59

SpiceJet shares drop furthest in three years after allegations of late payment of taxes

The share price of Indian LCC SpiceJet has fallen by the furthest amount in almost three years after Indian media reported that the airline may have delayed tax payments.

SpiceJet shares fell by up to 12%, which is their biggest single-day drop since Aug. 16, 2011. The airline is alleged to have failed to deposit taxes that it deducted from employees, with authorities.

The carrier, which is majority-owned by billionaire Kalanithi Maran, stated in March that high debt and intense competition had made borrowing difficult, and that the airline’s debt had erased its net worth.

Since then, SpiceJet has fallen behind in paying fees to airports and has revised aircraft deliveries.

admin
By admin July 30, 2014 11:59