You are here: Home » Markets » News
Business Standard

SpiceJet hits 18-month low; stock down 23% thus far in 2022

The stock was quoting lower for the sixth straight day, down 6 per cent during this period.

Topics
Buzzing stocks | SpiceJet | Markets

SI Reporter  |  Mumbai 

SpiceJet

Shares of continued to reel under pressure, hitting a 18-month low of Rs 52.30, down 1 per cent on the BSE in Thursday’s firm market. In comparison, at 11:10 am, the S&P BSE Sensex was up 1.4 per cent at 56,468 points.

The stock was quoting lower for the sixth straight trading day, down 6 per cent during this period. Thus far in calendar year 2022, it has underperformed the market by falling 23 per cent as compared to a 4.6 per cent decline in the benchmark index.

The BSE has sought clarification from with reference to the media report appearing on May 02, 2022 titled "2 passengers in ICU after turbulence, crew off roster for probe''. The reply is awaited.

SpiceJet operates a fleet of Boeing 737s, Q-400s & freighters and is the country’s largest regional player operating 63 daily flights under UDAN or the Regional Connectivity Scheme. The majority of the airline’s fleet offers SpiceMax, the most spacious economy class seating in India.

The airline also operates a dedicated air cargo service under the brand name SpiceXpress offering safe, on-time, efficient and seamless cargo connectivity across India and on international routes.

Meanwhile, according to a Business Standard report, a Boeing 737 Max aircraft operated by SpiceJet returned to Chennai shortly after flying to Durgapur after its pilots shut down an engine due to a technical issue. DGCA sources said that the aircraft had been grounded and was being investigated, the newspaper reported. CLICK HERE FOR FULL REPORT

In the past one year, the stock price of Spicejet has declined 17 per cent, as against a 16 per cent rally in the S&P BSE Sensex, on weak operational performance.

For the nine months ended December 2021 (9MFY22), SpiceJet had reported a consolidated loss of Rs 1,259 crore due to rising operating expenses. It had a loss of Rs 773 crore in 9MFY21. Total revenue from operations grew 44 per cent year on year to Rs 4,733 crore from Rs 3,283 crore.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, May 05 2022. 11:39 IST
RECOMMENDED FOR YOU