Shares of SpiceJet tumbled almost 14 per cent on Tuesday, falling to its 52-week low degree in intra-day commerce, as buyers continued to abandon the counter.
The inventory tanked 13.93 per cent to shut at Rs 24.16 apiece on the BSE. During the day, it plummeted 19.30 per cent to its 52-week low of Rs 22.65.
In quantity phrases, 159.09 lakh shares of the corporate had been traded on the BSE.
The inventory has been falling since May 16 (Tuesday), declining almost 20 per cent.
The airline, which accomplished 18 years of operations on Tuesday, is going through monetary headwinds and has undertaken a “restructuring train” to additional cut back the liabilities.
In the fairness market, the BSE benchmark ended with a achieve of 18.11 factors or 0.03 per cent at 61,981.79.
On May 11, SpiceJet stated it has no plans to file for insolvency proceedings and has additionally began the method of reviving its grounded fleet with $50 million.
The assertion had come within the backdrop of a lessor submitting an insolvency decision plea in opposition to the airline and crisis-hit rival Go First being admitted for voluntary insolvency decision proceedings by the National Company Law Tribunal (NCLT).
SpiceJet operated its first industrial flight on May 23, 2005 from Delhi to Ahmedabad.
In a message to the workers, SpiceJet Chairman and Managing Director Ajay Singh stated that as a part of the airline’s total development technique, “a restructuring train is underway to additional cut back the legal responsibility of the corporate as it can enable us to pursue our development targets with targeted effectivity”.
(Except for the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)