SpiceJet slips on profit booking

SpiceJet lost 3.18% to Rs 15.55 at 11:24 IST on BSE, with the stock sliding on profit booking after Friday's steep rally triggered by reports that Sun Group may offload its stake in the company.

Meanwhile, the S&P BSE Sensex was up 108.42 points or 0.38% at 28,443.05.

On BSE, so far 34.49 lakh shares were traded in the counter as against average daily volume of 30.14 lakh shares in the past one quarter.

The stock hit a high of Rs 16.40 and a low of Rs 15 so far during the day. The stock had hit a 52-week high of Rs 22.20 on 26 May 2014. The stock had hit a 52-week low of Rs 11.10 on 13 August 2014.

The stock had outperformed the market over the past one month till 21 November 2014, surging 12.7% compared with the Sensex's 6.62% rise. The stock had also outperformed the market in past one quarter, jumping 10.3% as against Sensex's 7.49% rise.

The small-cap company has equity capital of Rs 599.45 crore. Face value per share is Rs 10.

Shares of SpiceJet had rallied 14.96% to settle at Rs 16.06 on Friday, 21 November 2014 after media reports suggested that Sun Group may have finally finalised an investor for partially or completely offloading its stake in company. Talks are in the final stages and a term sheet may be signed by December, reports added.

SpiceJet reported a net loss of Rs 310.45 crore in Q2 September 2014, lower than net loss of Rs 559.49 crore in Q2 September 2013. Net sales rose 15.2% to Rs 1435.86 crore in Q2 September 2014 over Q2 September 2013.

SpiceJet is India's second largest airline by domestic passenger share.

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