New Delhi: Low-cost carriers SpiceJet Ltd on Tuesday said it has cleared all its outstanding principal dues with the state-run airport operator AIRPORTS AUTHORITY OF INDIA (AAI), sending its shares up about 5%.
airline The company said advances for its daily operations would revert to the payment mechanism, and AAI would issue a bank guarantee of 500 million rupees ($6.33 million).
The airline has been in the news recently after several incidents of technical glitches in its flights and one of its lessees based in Dubai has asked the regulator to deregister three SpiceJet aircraft.
Adding to its woes, the aviation regulator last week ordered the airline to reduce its approved fleet by 50% for eight weeks this summer, citing security flaws. The airline said on Monday that its flight operations were normal.
The stock rose 4.5 percent to Rs 42 in early trade.
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