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Shares of SpiceJet fell in trade today after the company reported record quarterly losses. The shares were last trading at 19.30% on the Bombay Stock exchange, down almost 3 per cent.
The company reported a quarterly loss of Rs 559 crores. Most of the companies in the aviation business have been adversely affected this quarter as the rupee depreciated against the dollar, leading to higher aviation turbine fuel.
In fact, the rupee fell to a historic low against the dollar of 68.81 earlier in Sept making oil and aviation turbine fuel more expensive for aviation companies like SpiceJet.
In fact, companies like Jet Airways also reported huge losses, hit by expensive aviation turbine fuel.
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