SpiceJet up for 2nd day as airline clears dues

MUMBAI: Shares of Spicejet moved higher for the second straight session after reports suggested that the company has cleared staff salaries and begun paying service tax dues.

SpiceJet has cleared its major outstanding dues related to Income Tax (TDS) payments, the airline said in a release today.

"This is the first major step in settling our payables to various creditors, which we will do as per mutual discussions and payment plans that are being put together," SpiceJet acting chief financial officer Kiran Koteshwar said.

Promoter Ajay Singh had recently said he will infuse Rs 400 crore, the second tranche of his Rs 1,500 crore investment plans, by this week.

The stock rallied over 6 per cent in intraday trade, but pared some gains during late trade.