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SpiceJet Shares Drop 6% On Reporting Quarterly Loss

SpiceJet on Wednesday reported widening of net loss to Rs 462.58 crore in the September quarter.

Photo Credit : Reuters

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Shares of SpiceJet on Thursday dropped 6 per cent after the company reported widening of loss to Rs 462.6 crore in September ended the quarter.

The scrip tumbled 5.94 per cent to close at Rs 106.95 on the BSE. During the day, it plunged 6.94 per cent to Rs 105.80. About 8.99 lakh shares of the company were traded on the BSE during the day.

SpiceJet on Wednesday reported widening of net loss to Rs 462.58 crore in the September quarter as higher costs related to the grounding of Boeing 737 MAX planes and changes in accounting norms bogged down the no-frills carrier.

In a release, SpiceJet said the net loss of Rs 462.58 crore in the latest September quarter was mainly on account of inflated costs with respect to MAX grounding and a seasonally weak quarter. It had a net loss of Rs 389.37 crore in 2018 September quarter.

However, the airline's total income jumped to Rs 3,073.50 crore in the second quarter of the current financial year from Rs 1,902.08 crore in the same period a year ago.

(PTI)


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