(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.