SpiceJet Shares Fall On Charges Report

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Published: July 27, 2012

Shares in Indian airline SpiceJet fell after the Times of India reported that Kalanithi Maran, who along with related parties owns a 43.6 percent stake in the airline, is to face federal charges.

The report said that federal investigators are poised to charge Maran and his brother Dayanidhi Maran, the former Indian telecoms minister, over allegations of kickbacks.

The reported allegations are that the brothers received INR5.49 billion rupees (USD$ 98.5 million) in kickbacks when Malaysian telecoms firm Maxis bought a majority stake in India phone company Aircel in 2006, the report said, citing unnamed sources at the Central Bureau of Investigation.

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