SpiceJet stock recovers most of early lost ground; settles over 3% lower

Shares of SpiceJet recovered most of their early lost ground and settled over 3 per cent lower on Thursday.

Earlier in the day, it tumbled nearly 15 per cent after the company reported widening of net loss at Rs 789 crore during the April-June quarter of FY23.

The company's stock tanked 14.65 per cent to Rs 39.60 during the early trade on the BSE. Later, it recovered most of the lost ground and settled at Rs 44.95, lower by 3.13 per cent.

On the BSE, 15.66 lakh shares of the company were traded during the day.

The BSE Sensex fell 770.48 points or 1.29 per cent to settle at 58,766.59.

SpiceJet on Wednesday reported widening of net loss to Rs 789 crore in June quarter 2022-23 as high fuel prices and rupee depreciation adversely impacted the budget carrier.

Apart from facing financial turbulence, SpiceJet aircraft have been involved in a series of incidents in the past, following which the Directorate General of Civil Aviation (DGCA) had issued a show-cause notice to the airline.

The low-cost carrier had a net loss of Rs 729 crore during the April-June 2021. In the latest June quarter, the net loss is Rs 420 crore, excluding forex adjustment.

"Total revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore, a year-on-year growth of 126 per cent, in the same quarter of the previous year," the airline said in a release.

Meanwhile, a SpiceJet flight that took off for Nashik in Maharashtra from the Indira Gandhi International Airport here on Thursday morning returned midway to the city due to an 'autopilot' snag, a DGCA official said.