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SpiceJet shares slump post grounding of B737 MAX planes; IndiGo climbs

Press Trust of India  |  New Delhi 

shares took a beating on Wednesday after regulator DGCA decided to ground 737 MAX 8 planes amid safety concerns.

However, stocks showed mixed trends as crisis-hit closed in the red while gained.

The scrip of -- which has 12 MAX 8 in its fleet -- tumbled 8 per cent in intra-day trading but managed to recoup losses to close little over 2 per cent lower at Rs 77.15 on the BSE.

The company's shares opened on a weak note and had slumped 7.99 per cent to touch an intra-day low of Rs 72.50.

The of Civil (DGCA) decision on Tuesday to ground MAX 8 planes comes after a crash of such an in killed 157 people on Sunday.

Following the move, has grounded all its 12 MAX 8 resulting in flight cancellations. has 5 such planes but all of them are already grounded.

Shares of fell 2.06 per cent to end the day at Rs 240.60 on the BSE and had shed nearly 4 per cent in intra-day trade.

The shares fell 1.67 per cent to close at Rs 240.80 on the NSE.

"Consequent to the regulatory directive on the 737 MAX, SpiceJet has already initiated grounding of its MAX fleet," the said in a statement Wednesday.

IndiGo, the country's largest airline in terms of market, saw its shares jump 2.11 per cent to Rs 1,301.45 on the BSE. It went up over 2 per cent to end at Rs 1,296.25 on the NSE.

does not have planes in its fleet.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 13 2019. 20:07 IST