scorecardresearchSpiceJet stock tumbles nearly 15% as loss widens in June quarter

SpiceJet stock tumbles nearly 15% as loss widens in June quarter

Updated: 01 Sep 2022, 10:56 AM IST
TL;DR.

SpiceJet on Wednesday reported widening of net loss to 789 crore in June quarter 2022-23 as high fuel prices and rupee depreciation adversely impacted the budget carrier.

FILE PHOTO: Ajay Singh, Chairman and Managing Director of Indian budget airline SpiceJet, speaks with the media next to a seaplane operated by SpiceJet's Spice Shuttle, in Ahmedabad, India, October 31, 2020. REUTERS/Amit Dave/File Photo

FILE PHOTO: Ajay Singh, Chairman and Managing Director of Indian budget airline SpiceJet, speaks with the media next to a seaplane operated by SpiceJet's Spice Shuttle, in Ahmedabad, India, October 31, 2020. REUTERS/Amit Dave/File Photo

(PTI) Shares of SpiceJet tumbled nearly 15 per cent in early trade on Thursday after the company reported widening of net loss at 789 crore for June quarter.

The company's stock tanked 14.65 per cent to 39.60 on the BSE. Later, it recovered some of the lost ground and was trading at 43.60, lower by 6.03 per cent.

SpiceJet on Wednesday reported widening of net loss to 789 crore in June quarter 2022-23 as high fuel prices and rupee depreciation adversely impacted the budget carrier.

Facing financial turbulence, SpiceJet aircraft have been involved in a series of incidents in the past, following which the Directorate General of Civil Aviation (DGCA) had issued a show-cause notice to the airline.

The low-cost carrier had a net loss of 729 crore in the quarter ended June 2021. In the latest June quarter, the net loss is 420 crore, excluding forex adjustment.

"Total revenue for the reported quarter was 2,478 crore as against 1,266 crore, a year-on-year growth of 126 per cent, in the same quarter of the previous year," the airline said in a release.

The airline plans to raise USD 200 million, which is around 1,600 crore at current exchange rates and expects to complete the hiving-off of its profitable cargo business into a separate company in the current quarter.

Meanwhile, a SpiceJet flight that took off for Nashik in Maharashtra from the Indira Gandhi International Airport here on Thursday morning returned midway to the city due to an 'autopilot' snag, a DGCA official said. 

First Published: 01 Sep 2022, 10:56 AM IST