SpiceJet Shares Surges 7% on Delhi HC Verdict in Rs. 1,300 Cr Case; Should You Buy,Sell,Hold?

SpiceJet shares jumped over 7% on July 23 after a major legal win provided relief to the budget airline. The Delhi High Court's division bench recently dismissed the Rs. 1,300 crore damages claim filed by Kalanithi Maran and KAL Airways against SpiceJet, as per reports.

SpiceJet Share Price Today and Market Cap

As of July 23, SpiceJet share price stood at Rs. 40.66 at the time of writing with a 6.72% intraday gain after favourable legal developments. SpiceJet's current market capitalisation is Rs. 5,750 crore. SpiceJet shares this week are up 3.5%, while over the past six months they have dropped by 16.33%, and their performance so far in 2025 is down by 27.92%. The airline stock's 52-week high is at Rs. 79.90 and a 52-week low of Rs. 37.87.

Background: What Is the Dispute Between SpiceJet and Maran?

The long-standing dispute dates back to 2015, when Kalanithi Maran and his company KAL Airways, who were the former promoters of SpiceJet, transferred their 58.46% stake back to Ajay Singh, who is the airline's original founder, as part of a revival plan.

Under the agreement, Maran and KAL Airways claimed they had paid Rs. 679 crore for warrants and preference shares, which were allegedly never issued by SpiceJet.

The dispute was taken to arbitration, where a panel of three retired Supreme Court judges looked into the case. They decided Maran should get ₹579 crore plus interest, which was less than the Rs. 1,300 crore Maran had originally asked for.

SpiceJet Share Price Target: Analysts Recommend Sell, See 12% Downside Ahead

According to Trendlyne's consensus forecast based on available analyst coverage, SpiceJet is currently overvalued, with a Price-to-Earnings (P/E) ratio of 82.9, well above historical averages. SpiceJet shares may face pressure in the near term, as analysts have issued a "Sell" recommendation, assigning a target price of Rs. 35.65, which indicates a potential downside of around 12.2% from the current trading level of Rs. 40.62 as of July 23, 2025.

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