Shares of SpiceJet Ltd surged 4.91 percent on Monday to Rs 110, adding Rs 5.15 to the stock on the BSE.

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The scrip opened at Rs 114 and ranged between an intra-day high of Rs 114.80 and a low of Rs 109.70.

The aviation company's stock has surged despite reports that former promoter, Kalanithi Maran of Sun Group, will contest the ruling

of an arbitration panel that rejected his claim of damages and repossession of control of the airline after a bitter share transfer dispute.

On Friday, the tribunal rejected Maran’s claim of damages of Rs 1,323 crore for not issuing warrants to him and KAL Airways, but awarded him a refund of Rs 579 crore plus interest.

The tribunal, which was created in end 2016 on the orders of the Delhi High Court to adjudicate the share transfer dispute, held that there was no breach of a share sale and purchase agreement reached between Maran and current promoter Ajay Singh in January 2015.

First Published:Jul 23, 2018 12:17 PM IST