SpiceJet shares hit 10% lower circuit after 8.4% equity traded in a block deal, down 25% in 7 days

SpiceJet shares hit 10% lower circuit after 8.4% equity traded in a block, down 25% in 7 days

Shares of low-cost airline SpiceJet hit 10% lower circuit on February 25 after 8.4% equity was traded in a block deal. Nearly 15 crore SpiceJet shares changed hands in bunched trade.

The stock fell for seventh straight session, thus extending its seven-session fall to 25%.

At 11 am on February 25, SpiceJet shares on BSE were trading 10% lower at Rs 12.88 apiece.

Last week, SpiceJet said it is working to ramp up its fleet to around 60 planes through a mix of wet and damp leases as well as bring grounded aircraft back into service.

The airline's domestic market share rose to 4.3% in December from 1.9% in September last year due to a 56% expansion in capacity during the December quarter, a release said.

According to the release, the carrier plans to more than double its capacity, targeting 220 crore Available Seat Kilometres by Winter 2026.

Meanwhile, Bangladesh has barred SpiceJet from using its airspace as the budget carrier is yet to repay pending dues, according to sources.

With the Bangladesh airspace not being available, the airline is taking longer routes for some of its flights from Kolkata, including to Guwahati.

When contacted, a SpiceJet spokesperson on Thursday said the airline was in regular dialogue with the relevant authorities on operational and procedural matters, including navigation-related charges.

Data from Flightradar24.com on Thursday showed that SpiceJet's flights from Kolkata to Guwahati and Imphal were not using the Bangladesh airspace, and were taking longer routes to the destinations.