SpiceJet Shares Tumble Amid Financial Turbulence
SpiceJet shares fell nearly 3% after posting a Rs 238 crore loss for the June quarter, attributing the decline to expenses from grounded aircraft and decreased leisure travel demand. Total income dropped significantly compared to the previous year, further impacted by geopolitical tensions and supply chain issues.
- Country:
- India
Shares of SpiceJet witnessed a sharp decline of nearly 3% on Monday following the announcement of a net loss of Rs 238 crore for the June quarter. The airline attributed its financial struggles to costs associated with grounded aircraft and reduced leisure travel demand.
On the Bombay Stock Exchange, SpiceJet's stock fell to Rs 33.45 per share, shedding 2.90%. During trading hours, it plummeted by as much as 5.37% to Rs 32.60. The budget airline reported a total income of Rs 1,190.56 crore in the first quarter, a significant drop from the Rs 2,067.21 crore recorded in the same period last year.
SpiceJet highlighted that the ongoing geopolitical tensions and restrictions in key markets dampened leisure travel demand. Additionally, delays in restoring grounded aircraft due to global supply chain disruptions and engine overhaul challenges exacerbated the situation.
(With inputs from agencies.)
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