SpiceJet Set To Return 4 Planes To Sky, Shares Still Plummet

SpiceJet Set To Return 4 Planes To Sky, Shares Still Plummet

Low-cost carrier SpiceJet aims to have four of its 25 grounded aircraft flying soon as the airline seeks to add more routes and stave off speculation around its insolvency.

What Happened? The budget carrier said in a filing that it plans to return two Boeing 737s and two Q400s to service by June 15 and expects more planes to be back in operation in the following weeks.

The airline also said that it plans to start flying a number of routes that connect cities including Kolkata, Jammu and Agartala.

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SpiceJet had earlier rubbished speculation that the firm was dangerously close to insolvency after competitor Go First was awarded bankruptcy protection. However, a number of lessors have sought repossession of their aircraft from SpiceJet as a large part of its fleet remains grounded.

Price Action: The shares of the airline were down 14.68% at ₹23.95 in late afternoon trading. The stock has lost nearly 40% of its value so far this year.

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Posted In: EquitiesMarketsSpiceJet