Spicejet in the red
Spicejet had hit a new high on 10th ..three days ago at Rs.53.30, in anticipation of some great Q2Fy16 numbers. But when they did come in, they were disappointing to say the least which explains why the stock is deep in the red today at Rs.49 now, after having hit an intra day low of Rs.47.
For Q2FY16, the company announced a 67% (QoQ) drop in net profit at Rs.24 crore though YoY it is a turnaround from a loss of Rs.334 crore. YoY does not hold much water as the price of crude has dropped and its ATF costs have comes down significantly.
The company has said that is quarter, Q2 , seasonally is low and despite that, if it has been able to post such gains, it was a good performance. The market seems to be in no mood to buy that logic. Traders booking profit after the numbers is also one of the reasons.