Spicejet hits new low

Spicejet hit an over 2-year low today at Rs.34.60, slipping over 9.5%. Its 20% LC for the day is at Rs.30.65.

The stock skimmed a new low after the aviation regulator, DGCA asked the company to curtail its services by half for eight weeks.

Spicejet said that it was as such running only 50% of its approved capacity, saying that the DGCA will effectively will have no impact.

The DGCA said that any increase in the number of flights will be subject to “the airline demonstrating to the satisfaction of DGCA that it has sufficient technical support and financial resources to safely and efficiently undertake such enhanced capacity.”