AAI puts SpiceJet on cash-and-carry mode, stock falls

SpiceJet share fell as much as 14 per cent at the Bombay Stock Exchange (BSE) after the Airports Authority of India (AAI) withdraw credit facility relating to airport user fees to the Kalanithi Maran-led airline.

According to a report by The Economic Times, AAI was prompted into putting SpiceJet on cash-and-carry mode as the airline failed to pay its dues.

SpiceJet's scrip ended 13.78 per cent lower at Rs 15.95 a piece in a flat market at the BSE. A total of 2.86 crore shares of the company were traded on the bourse.

However, after market hours, SpiceJet COO Sanjiv Kapoor said in an interview with Reuters that the AAI had reinstated its credit facility after the private carrier resolved all outstanding issues with the regulatory body.

The airline is currently operating one international and 10 domestic flights out of Pune to Bengaluru, Chennai, Delhi, Ahmedabad, Kochi, Goa and Hyderabad, besides Sharjah.