 "Aviation shares in focus as CCI fines for cartelisation")
Shares of aviation companies such as Jet Airways, InterGlobe Aviation and SpiceJet were trading lower on the BSE in early morning trade after the Competition Commission of India (CCI) in its final order passed on Tuesday imposed a fine totalling Rs 257.91 crore on the three carriers. CLICK HERE FOR THE COMPLETE STORY
Among individual stocks, Jet Airways and SpiceJet dipped 4% each at Rs 410 and Rs 46.25 respectively, while InterGlobe Aviation, which operates IndiGo, was down 2% at Rs 1,015 on the BSE.
Jet Airways believes that it is not in contravention of the provisions of the Competition Act and it shall pursue all available legal steps to defend its position, reports suggest.
CCI has imposed a penalty of Rs 151.69 crore on the Company for alleged contravention of the provisions of Section 3(1) read with Section 3 (3)(a) of the Competition Act 2002.
InterGlobe Aviation said that the company is studying the CCI Order and will take legal steps to challenge the above order in the appropriate forum. The company has been legally advised that it is not in contravention of the provisions of the Competition Act, 2002.
The CCI has passed an order on November 17, 2015, levying a penalty of Rs 63.74 crore on the company.
Among individual stocks, Jet Airways and SpiceJet dipped 4% each at Rs 410 and Rs 46.25 respectively, while InterGlobe Aviation, which operates IndiGo, was down 2% at Rs 1,015 on the BSE.
Jet Airways believes that it is not in contravention of the provisions of the Competition Act and it shall pursue all available legal steps to defend its position, reports suggest.
CCI has imposed a penalty of Rs 151.69 crore on the Company for alleged contravention of the provisions of Section 3(1) read with Section 3 (3)(a) of the Competition Act 2002.
InterGlobe Aviation said that the company is studying the CCI Order and will take legal steps to challenge the above order in the appropriate forum. The company has been legally advised that it is not in contravention of the provisions of the Competition Act, 2002.
The CCI has passed an order on November 17, 2015, levying a penalty of Rs 63.74 crore on the company.