Mumbai: Budget airline SpiceJet Ltd (SPJT.BO) said it was in talks with
authorities to resolve tax-related issues after its shares tumbled on a
newspaper report that the company had left employees unable to fill in
tax returns on time.
"We are aware of our obligations under the applicable law," the company said in a statement after trading hours on Wednesday.
SpiceJet shares fell 16.2 percent, the most since June 2006, to close at 14 rupees, in a Mumbai market that edged up 0.4 percent. The stock fell as much as 18.6 percent at one point during trading.
The Times of India report said SpiceJet had not yet given its employees the information they needed to file tax returns, a day before the July 31 deadline.
SpiceJet, India's fourth-biggest airline by local market share, reported a record annual loss for the year to March. High fuel prices and taxes have hurt the Indian airlines industry, where most carriers are losing money.
Read news in full 30/07/14 Reuters
"We are aware of our obligations under the applicable law," the company said in a statement after trading hours on Wednesday.
SpiceJet shares fell 16.2 percent, the most since June 2006, to close at 14 rupees, in a Mumbai market that edged up 0.4 percent. The stock fell as much as 18.6 percent at one point during trading.
The Times of India report said SpiceJet had not yet given its employees the information they needed to file tax returns, a day before the July 31 deadline.
SpiceJet, India's fourth-biggest airline by local market share, reported a record annual loss for the year to March. High fuel prices and taxes have hurt the Indian airlines industry, where most carriers are losing money.
Read news in full 30/07/14 Reuters
No comments:
Post a Comment