SpiceJet shares fall 14%, stock reaches 52-week low
The investors of SpiceJet airline suffered losses in the stock market today. The company's shares have fallen up to 14 percent today. After GoFirst, there was also speculation that SpiceJet would also declare bankruptcy, which has been dismissed by the conglomerate.
Today, there was a tremendous sell-off in the shares of SpiceJet in the stock market. The company's shares today fell up to 14 percent. The stock closed 13.93 percent down at Rs 24.16 on the BSE. During the day, it fell 19.30 percent to its 52-week low of Rs 22.65.
Talking in terms of volume, today 159.09 lakh shares of the company were traded on BSE. Let us tell you that today SpiceJet has completed 18 years of operations. The company is currently facing financial constraints and is undertaking a massive system overhaul to further reduce liabilities.
SpiceJet had said on May 11 that it had no plans to file for bankruptcy proceedings. Apart from this, the company also informed that the company has again started the process of reviving its grounded flight with USD 50 million.
After SpiceJet's rival airline GoFirst was declared bankrupt, there was speculation that SpiceJet Airline would also declare bankruptcy, which the company has rejected and said about restructuring and made this statement.
SpiceJet operated its first commercial flight on 23 May 2005 from Delhi to Ahmedabad.
SpiceJet Chairman and Managing Director Ajay Singh said in a message to employees that as part of the airline's overall growth strategy, "a restructuring exercise is underway to further reduce the company's liabilities as this enables us to meet our growth goals." this will allow completion.
On Tuesday, the second trading day of the week, there was a boom in the stock market. Today the Sensex closed at 61,981 after rising 18 points, while the Nifty closed at 18,348 after rising 33 points.
