scorecardresearch
SpiceJet shares fall 4% after losses widen in Q2

SpiceJet shares fall 4% after losses widen in Q2

SpiceJet stock has been falling for the last five days. SpiceJet stock hit an intraday low of Rs 37.20, down 4.24% on BSE

SpiceJet shares are trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages SpiceJet shares are trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Shares of budget carrier SpiceJet slipped over 4% today on weak Q2 earnings.  SpiceJet's net loss widened to Rs 837.8 crore in Q2 on the back of record fuel prices and depreciating rupee. Excluding the forex loss, the airline's net loss stood at Rs 577.7 crore in the September quarter under review. Net loss of the firm in the year ago period stood at Rs 570.5 crore. SpiceJet stock has been falling for the last five days. SpiceJet stock hit an intraday low of Rs 37.20, down 4.24% on BSE.  SpiceJet shares are trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The SpiceJet stock has lost 46.18 per cent in a year and fallen 43% in 2022.  Total 2.96 lakh shares changed hands amounting to a turnover of Rs 1.12 crore on BSE.

Market cap of SpiceJet fell to Rs 2,311 crore.

The stock hit a 52 week high of Rs 87.25 on November 24, 2021 and a 52 week low of Rs 34.60 on July 28, 2022.

The airline said business in the second quarter of the current fiscal was "hit by record high fuel prices, depreciating rupee in the traditionally weak quarter".

"Total revenue for the reported quarter was Rs 2,104.7 crore as against Rs 1,538.7 crore in the same quarter of the previous year. For the same comparative period, operating expenses were Rs 2,942.6 crore as against Rs 2,100.4 crore," the release said.

SpiceJet Chairman and Managing Director Ajay Singh said, "A near to normal business environment and an upturn in business and leisure travel coupled with government aid are giving hope to positivity. Having completed a series of settlements with most of our major partners and the upcoming hive-off of our cargo and logistics arm, we expect significant improvements in our operating environment...," he added.

Also Read: Domestic investors turn Big Bull of Dalal Street; here’s how

Also Read: LIC upped stakes in Hindalco, Dr Reddy's & TechM in Q2, cut stakes in TVS Motor, others

Published on: Nov 15, 2022, 1:16 PM IST
Posted by: Priya Raghuvanshi, Nov 15, 2022, 1:13 PM IST