SpiceJet hits 2-year low after DGCA cuts 50% flight ops; stock slips 10%

Indian aviation regulator DGCA directed the low-cost airline to operate only 50 per cent of its flights for eight weeks.

Shares of SpiceJet hit over two-year low of Rs 34.60 and slipped 10 per cent on the BSE in Thursday’s intra-day trade after Indian aviation regulator Directorate General of Civil Aviation (DGCA) directed only 50 per cent flight operation for eight weeks.

The stock of airline company quoted its lowest level since March 2020. At 09:56 AM; it traded 7 per cent lower at Rs 35.75, as compared to 0.96 per cent rise in the S&P BSE Sensex. SpiceJet has corrected 60 per cent from its 52-week high level of Rs 87.25that it had touched on November 24, 2021.