SpiceJet has plunged almost 10% to Rs 28.25 after India’s second-largest low-cost carrier, widened its loss to Rs 249 crore for the quarter ended March 31, from Rs 59 crore in the year-ago period, due to higher operating and interest cost. Income from operations grew 47% at Rs 1,103 crore, total operating expenditure surged 59% at Rs 1,326 crore on year-on-year basis.
Interest cost increased to Rs 18 crore in March 2012 quarter against Rs 4 crore in the previous year quarter on the back of higher debt to purchase aircraft and working capital requirements.
“The falling value of the rupee, high fuel prices and the “significant tax burden” were cited as major reasons for the higher losses,” SpiceJet said in a filing.
As many as a combined 2.62 million shares have changed hands on the counter till early noon deals on both the exchanges.