SpiceJet drops 3.5% on stringent AAI guidelines

SpiceJet is down 3.5% on media reports stating that AAI has revoked its credit line to SpiceJet and the airline will have to pay for its services

Shares of SpiceJet are trading over 3.5% lower to Rs 19 on the BSE on media reports stating that the Airports Authority of India (AAI) has said in an email that it is revoking its credit line to SpiceJet and the airline will have to pay for its services every time it uses them (each time a plane takes off or lands).

SpiceJet is witnessing a short-term cash crunch and said over the weekend that salaries pertaining to the month of November would be delayed by 1-3 days.

The stock opened at Rs 20, touched a high of Rs 20 and a low of Rs 19 on the BSE so far. A total of 8,119,651 shares have been exchanged on the BSE so far.