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SpiceJet Share Crashes on Removal of Credit Facility from Airports
Shares of the SpiceJet plunged more than 10 per cent on Friday after news that the Airports Authority of India (AAI) may revoke credit facility in order to compensate on charges it has to pay to operate flights.
It is also said that the airports are ordered to receive payments only in cash or demand draft prior to giving permission for the take-off of SpiceJet's aircraft.
Recently, Rakesh Jhunjhunwala had bought 75 lakh shares of the company, the total deal was valued at Rs 13.4 crore.
For the second quarter, SpiceJet reported net loss of company stood at Rs 310 crore for the quarter against Rs 559 crore in the corresponding quarter of the last financial year.
Shares of the company were seen trading at Rs 16.40, lower by 11.35 per cent at 1.25 pm IST on BSE. it touched an intra-day low of Rs 16.15 during the trade.
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