SpiceJet shares up 9% in a month but still down 36% YTD; which way is the stock headed?
The budget carrier recently completed the allotment of equity shares to Carlyle Aviation Partners. The Allotment Committee of the Board, in its meeting on November 18, approved the issuance of 10,41,72,634 equity shares with a face value of Rs 10 each at an issue price of Rs 42.32 per share.
- Nov 20, 2025,
- Updated Nov 20, 2025 5:42 PM IST
Shares of SpiceJet slipped 2.04 per cent to close at Rs 36.08 on Thursday. Despite the decline, the stock remains 8.71 per cent higher over the past month, even as it continues to trade 36.05 per cent lower on a year-to-date (YTD) basis.
The budget carrier recently completed the allotment of equity shares to Carlyle Aviation Partners. The Allotment Committee of the Board, in its meeting on November 18, approved the issuance of 10,41,72,634 equity shares with a face value of Rs 10 each at an issue price of Rs 42.32 per share.
The preferential allotment, made under the non-promoter category, has effectively removed Rs 442.25 crore ($50 million) of liabilities from the company's balance sheet. As part of the settlement framework, the agreement includes a mechanism in which any proceeds realised by the lessor above $50 million from the sale of these shares will be partly used to reduce the airline's future lease obligations.
From a technical perspective, support on the counter could be seen at in the Rs 34-32 range while resistance may be found in the Rs 38-40 zone.
Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, noted that SpiceJet has shown renewed strength after bouncing from the key support area of 28–26. He said the stock has moved above its short-term EMAs, but the larger trend is still weak since it remains below the 200-DSMA.
According to him, "SpiceJet has recently experienced a resurgence after rebounding from the historical support zone of 28 to 26. The stock has surpassed the short-term EMAs. However, the broader outlook remains unfavourable, as it continues to trade below the 200-DSMA. In the short term, some relief can be anticipated, with a support range identified between 34 and 32. Conversely, the range of 38 to 40 is expected to present a significant obstacle, and a decisive breakthrough above this level could facilitate a movement toward the 46 zone in the near future."
Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, said the stock has support at Rs 34 and resistance at Rs 38. A decisive move above Rs 38 could trigger further upside towards Rs 40, with the expected trading range between Rs 34 and Rs 40 in the short term.
Shares of SpiceJet slipped 2.04 per cent to close at Rs 36.08 on Thursday. Despite the decline, the stock remains 8.71 per cent higher over the past month, even as it continues to trade 36.05 per cent lower on a year-to-date (YTD) basis.
The budget carrier recently completed the allotment of equity shares to Carlyle Aviation Partners. The Allotment Committee of the Board, in its meeting on November 18, approved the issuance of 10,41,72,634 equity shares with a face value of Rs 10 each at an issue price of Rs 42.32 per share.
The preferential allotment, made under the non-promoter category, has effectively removed Rs 442.25 crore ($50 million) of liabilities from the company's balance sheet. As part of the settlement framework, the agreement includes a mechanism in which any proceeds realised by the lessor above $50 million from the sale of these shares will be partly used to reduce the airline's future lease obligations.
From a technical perspective, support on the counter could be seen at in the Rs 34-32 range while resistance may be found in the Rs 38-40 zone.
Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, noted that SpiceJet has shown renewed strength after bouncing from the key support area of 28–26. He said the stock has moved above its short-term EMAs, but the larger trend is still weak since it remains below the 200-DSMA.
According to him, "SpiceJet has recently experienced a resurgence after rebounding from the historical support zone of 28 to 26. The stock has surpassed the short-term EMAs. However, the broader outlook remains unfavourable, as it continues to trade below the 200-DSMA. In the short term, some relief can be anticipated, with a support range identified between 34 and 32. Conversely, the range of 38 to 40 is expected to present a significant obstacle, and a decisive breakthrough above this level could facilitate a movement toward the 46 zone in the near future."
Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, said the stock has support at Rs 34 and resistance at Rs 38. A decisive move above Rs 38 could trigger further upside towards Rs 40, with the expected trading range between Rs 34 and Rs 40 in the short term.