Spicejet hits some turbulence

Spicejet is in the red today morning with the stock price hitting an intra day low at Rs.59.40, just Rs.5 lower than its 52-week low of Rs.54.50.

Rising oil prices and demonetization denting demand left a telling effect on the company’s bottomline for Q3FY17. Its fuel bill rose from Rs.367 crore to Rs.474 crore (YoY) and this led to the total costs swelling up by 25%.

Consequently, net profit dropped by a big 70% at Rs.142 crore and income rose from Rs.1642 crore to Rs.1460 crore.