SpiceJet Shares Slide 7 Pc; Hit 52-Week, Low Level

Shares of SpiceJet continued to fall on Wednesday, declining 7 per cent to hit its one-year low level, amid multiple instances of its planes suffering technical glitches in recent weeks. The scrip tanked 7 per cent to hit its 52-week low of Rs 35 on the BSE. SpiceJet shares opened at Rs 37.10 apiece after falling 2.33 per cent to close at Rs 37.65 on Tuesday, a day when its Dubai-bound plane was diverted to Karachi due to malfunctioning of the fuel indicator.

In morning trade on Wednesday, shares of the airline were trading 2.66 per cent down at Rs 36.65 apiece. The broader market was in the positive territory and the benchmark Sensex rose nearly 400 points to 53,533.84 points. SpiceJet's Delhi-Dubai flight suffered a mid-air malfunction in its fuel indicator on Tuesday and was diverted to Karachi and cracks developed on the windshield of another plane of the budget carrier at a height of 23,000 feet forcing a priority landing in Mumbai in a double whammy for the airline.

The two episodes on a single day have taken the total number of technical malfunction incidents involving SpiceJet aircraft to seven in the last over a fortnight. According to officials of the Directorate General of Civil Aviation (DGCA), the aviation regulator is investigating all the seven incidents.

(PTI)