SpiceJet shares settle 9% higher on report of likely Rs 1,000-cr govt loan

Shares of SpiceJet on Thursday ended nearly 9 per cent higher amid reports that the company is expected to receive an additional Rs 1,000 crore as part of the modified ECLGS (Emergency Credit Line Guarantee Scheme).

After beginning the trade on a positive note, the stock of the budget carrier further jumped 10.14 per cent to Rs 42.35 during the day on the BSE. It ended at Rs 41.85 apiece, higher by 8.84 per cent.

On the volume front, 11.28 lakh shares of the company were traded on the BSE.

In the broader market, the 30-share BSE Sensex climbed 156.63 points to settle at 58,222.10.

An airline source said SpiceJet is expected to receive an additional Rs 1,000 crore as part of the modified ECLGS.

The ECLGS is expected to help SpiceJet, which has been facing turbulent times of late.

Ajay Singh, Chairman and Managing Director of SpiceJet, said the speed and urgency with which the aviation and finance ministries have been taking up issues and problems being faced by airlines post Covid and due to the record high oil prices is nothing but remarkable.

"I request the government once again for its support for including Aviation Turbine Fuel under GST, which would be a game changer for the entire sector," he added.

SpiceJet had posted a net loss of Rs 789 crore for the June quarter as well as Rs 458 crore for the quarter ended March 2022.