Shares of SpiceJet tanked practically 10 per cent in morning commerce on Thursday, after the corporate was requested by aviation regulator DGCA to curtail its companies by half for eight weeks.
The inventory tanked 9.66 per cent to its 52-week low of Rs 34.60 on the BSE.
The droop within the SpiceJet counter assumes significance because the 30-share BSE benchmark was buying and selling 733.21 factors or 1.31 per cent increased at 56,549.53.
Aviation regulator DGCA on Wednesday ordered SpiceJet to function a most of fifty per cent of its flights for eight weeks after a number of of its planes reported technical malfunction just lately.
During these eight weeks, the funds provider will likely be subjected to “enhanced surveillance” by the Directorate General of Civil Aviation (DGCA).
On Thursday, SpiceJet mentioned it’s assured of scaling up its operations and addressing issues of the DGCA.
On Wednesday, the airline had mentioned that there will likely be no flight cancellations due to the regulator’s order as it’s already working restricted companies “due to the current lean travel season”.
“In view of the findings of various spot checks, inspections and the reply to the show cause notice submitted by SpiceJet, for the continued sustenance of safe and reliable transport service, the number of departures of SpiceJet is hereby restricted to 50 per cent of the number of departures approved under summer schedule 2022 for a period of eight weeks,” the aviation regulator’s order on Wednesday mentioned.