Shares of SpiceJet Ltd. jumped over 4% to their highest in over two weeks on Tuesday after the National Company Law Tribunal dismissed an insolvency petition against the beleaguered low-cost carrier.
The petition by Wilmington Trust SP Services was rejected on Monday, according to an exchange filing. The aircraft lessor had moved the insolvency plea against SpiceJet in June over unpaid dues.
The cash-strapped airline has also faced insolvency pleas filed by its aircraft lessors, including Willis Lease, Aircastle Ireland Ltd., Wilmington, and Celestial Aviation. The NCLT has issued notice only on the petition filed by Aircastle so far.
On the BSE, SpiceJet's stock rose as much as 4.68% during the day to Rs 67.30 apiece, the highest since Jan. 12. It was trading 2.89% higher at Rs 66.15 per share compared to a 0.15% decline in the benchmark Sensex at 10:29 a.m.
The share price has risen 91.74% in the last 12 months. The total traded volume so far in the day stood at 1.6 times its 30-day average. The relative strength index was at 61.06.
Out of four analysts tracking the company, one has a 'buy' rating on the stock and three recommend 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 25.9%.
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