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Spicejet tanks 8 pc after India bans Boeing 737 Max 8 planes

Press Trust of India  |  New Delhi 

Shares of slumped 8 per cent in morning trade on BSE Wednesday, after the country banned 737 Max 8 planes following the Ethiopian crash.

On Tuesday night, the of Civil (DGCA) announced its decision to "immediately" ground the 737 Max 8 aircraft.

The decision came days after a 737 MAX 8 aircraft operated by the Ethiopian crashed near killing 157 people, including four Indians.

Following the announcement, shares of opened on a weak note at Rs 74, then fell further to touch an intra-day low of Rs 72.50, down 7.99 per cent over its previous close of Rs 78.80.

Shares of also witnessed similar trend. The stock opened at Rs 241.70, then lost further ground and fell to a low of Rs 236.70, down 3.64 per cent over its last closing price of Rs 245.65 on BSE.

has around 12 such aircraft in its fleet. has five, which have been already grounded.

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

"In order to cause least inconvenience to its passengers and also bring these aircraft to its maintenance base we expect to complete this exercise on or before 4 pm today (Wednesday)".

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

First Published: Wed, March 13 2019. 11:25 IST