Spicejet is facing a lot of turbulence today. The stock, among the top five losers on the BSE has been losing for the past 2 days. From yesterday’s close of Rs.113.70, it opened 4% lower and went on to hit an intraday low at Rs.105.80, down 7%.
The market is very disappointed with its performance for Q2Fy20 wherein it posted a consolidated net loss of Rs.461 crore v/s loss of Rs.383 crore in previous Q2. Though its fuel cost actually fell 77%, its expenses rose 55% and that, along with the seasonal factor pushed the company into a loss.
The company’s revenue from operations was actually robust at Rs.2845 crore, up 52%.
The company said that these earnings include a loss of Rs.180 crore on account of accounting standard IND-AS116, without which the Loss is Rs.282 crore.
Looks like the gains it made, post the grounding of Jet Airways has flown away.