During the day, SpiceJet shares fell 19.30% to its 52-week low of Rs 22.65. (file)
New Delhi:
SpiceJet shares fell nearly 14 per cent on Tuesday, hitting their 52-week low in intra-day trade, as investors continued to leave the counter.
The stock closed 13.93 per cent down at Rs 24.16 on the BSE. During the day, it fell 19.30 per cent to its 52-week low of Rs 22.65.
In terms of volume, 159.09 lakh shares of the company were traded on BSE.
The stock has been falling since May 16 (Tuesday), falling nearly 20 per cent.
The airline, which completed 18 years of operations on Tuesday, is facing financial constraints and has undertaken a “restructuring exercise” to further reduce liabilities.
In the equity market, the BSE benchmark closed at 61,981.79, up 18.11 points or 0.03 per cent.
On 11 May, SpiceJet said that it has no plans to file for bankruptcy proceedings and has also started the process of reviving its grounded fleet with $50 million.
The statement came in the backdrop of the National Company Law Tribunal (NCLT) admitting it to voluntary insolvency resolution proceedings by a lessee who filed an insolvency resolution petition against the airline and beleaguered rival GoFirst.
SpiceJet operated its first commercial flight on 23 May 2005 from Delhi to Ahmedabad.
SpiceJet Chairman and Managing Director Ajay Singh said in a message to employees that as part of the airline’s overall growth strategy, “a restructuring exercise is underway to further reduce the company’s liabilities as this enables us to meet our growth goals.” Will allow to accomplish. Concentrated efficiency”.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)