The first race of Lankan Rupee's spring campaign has not gone to script with comeback mare Angelic Light causing a boilover at Moonee Valley.

Rated the world's best sprinter, Lankan Rupee made his highly anticipated return as a well-backed $1.22 favourite in Saturday's Group Two McEwen Stakes.

But Angelic Light, having only her second start in 16 months, produced the run of her career.

Connections of Lankan Rupee were disappointed his winning run in 2014 ended but they are not concerned, with plans to contest four Group One races this campaign unchanged.

"If he had to get beaten, I'm glad it was today. But it still sucks," jockey Craig Newitt said Lankan Rupee was beaten a short head.

Newitt said he wanted to take a sit off Eloping but she didn't go as quickly as he thought and Lankan Rupee raced fresh on her outside.

"The winner has had a run under her belt and sat on our back and nabbed us the last couple of strides.

"He had a really good blow. I know he's going to improve. And he'll be back here in three weeks."

Trainer Mick Price said he had 20 days to get Lankan Rupee even fitter for his first spring Group One race.

"I'm happy enough with the horse. But I wanted to see him win," Price said.

Angelic Light was Group One-placed in April last year before spraining a tendon building up to last year's spring carnival.

She thrilled connections with a first-up third in the Carlyon Stakes but trainer Robbie Griffiths admitted beating Lankan Rupee had come as a shock.

Ridden by Ryan Maloney, Angelic Light tracked the speed with Lankan Rupee sitting outside the leader Eloping.

Lankan Rupee put paid to Eloping but it was left to Angelic Light to more than make a race of it.

Eloping finished 2-1/4 lengths away third.

"You would have to be silly to say you expect to beat the world's best sprinter, but I was very happy with her first-up run and thought we were a real chance of running second," Griffiths said.

Angelic Light and Lankan Rupee are set for a return clash in the Group One Moir Stakes on September 26.