SpiceJet shares hit 52-week low; stock crashes over 39% in a month; should you add or avoid?

Shares of SpiceJet Ltd slumped 10.98 per cent on Tuesday's intraday deals to hit a one-year low of Rs 14.11. The stock eventually settled 9.72 per cent lower at Rs 14.31. At this level, it has cracked 38.40 per cent in the past one month and 59.94 per cent in the last six months.

On the earnings front, the budget carrier reported a consolidated net loss of Rs 261.38 crore in the December-ended quarter compared to a net profit of Rs 20.43 crore in the year-ago period. Revenue from operations, however, grew by 14 per cent year-on-year (YoY) to Rs 1,345.46 crore in Q3 FY26 as against Rs 1,178.76 crore posted in the same quarter last year.

Separately, SpiceJet recently stated that it has recorded a sharp improvement in its domestic market position, with its market share more than doubling from 1.9 per cent in September 2025 to 4.3 per cent in December 2025.

"The strong rebound was driven by a 56 per cent expansion in capacity during Q3, supported by the induction of 16 aircraft during the quarter. The increase in flying translated into a wider network, improved schedules and stronger passenger traction across key markets," it added.

With that being said, a few market experts largely recommended to avoid SpiceJet in the near term, citing further downside risks.

Ravi Singh, Chief Research Officer at Mastertrust, said, SpiceJet's stock looked weak on charts and may slip towards Rs 12 level in the near term, while advising exiting the stock.

According to Drumil Vithlani, Technical Analyst at Bonanza, "SpiceJet is witnessing a strong downtrend, with the stock continuously trading below all key moving averages and making lower highs and lower lows on daily charts. The sharp decline indicates persistent selling pressure and a lack of bullish momentum. It has recently broken below the important support zone near Rs 16, which now acts as immediate resistance. Until the stock shows signs of base formation or reclaims the Rs 19–20 zone, fresh long positions should be avoided. Any pullback toward Rs 16–18 may face selling pressure, while sustained weakness could drag the stock toward Rs 12–10 levels in the near term."

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, also echoed that the counter appeared weak on charts. Level-wise, he noted support is seen at Rs 12, while resistance is placed at Rs 16. He added that a decisive move above Rs 16 could push the stock towards Rs 18, with the expected short-term trading range pegged between Rs 12 and Rs 18.