SpiceJet rallies 9% on heavy volumes as IndiGo, Jet Airways slip in trade

IndiGo slipped 18% to Rs 1,291 in intra-day trade, while Jet Airways (India) were locked in 5 per cent lower circuit at Rs 54 for the sixth straight day on the BSE.

SpiceJet shraes rallied 9 per cent to Rs 128 on the back of heavy volumes after rival airline companies stocks -- InterGlobe Aviation, which runs IndiGo, and Jet Airways tanked by up to 18 per cent -- on the BSE on Thursday in early morning trade.

At 11:42 am, SpiceJet was trading 6 per cent higher at Rs 124, as compared to a 0.22 per cent decline in the benchmark S&P BSE Sensex. The trading volumes on the counter more-than-doubled with 3.13 million shares changing hands so far, against an average 1.31 million shares were traded in past two weeks on the BSE.

Shares of IndiGo, India’s largest airline, was trading 11 per cent lower at Rs 1,386, after falling 18 per cent to Rs 1,291 on the BSE in early morning deals on Wednesday. The promoters of the company, Rahul Bhatia and Rakesh Gangwal, made serious allegations against each other, forcing the Securities and Exchange Board of India (Sebi) to intervene.

Shares of Jet Airways (India) were locked in 5 per cent lower circuit at Rs 54 for the sixth straight day on the BSE on report that the government has ordered Serious Fraud Investigation Office (SFIO) probe against the grounded airline.

The BSE, on July 5, sought clarification from Jet Airways with reference to the news. The airline is yet to reply.

In the past six days, the stock has dipped 26 per cent, as compared to a 3 per cent decline in the S&P BSE Sensex. It tanked 66 per cent from its recent high of Rs 159 on closing level, touched on May 22, against 1 per cent fall in the benchmark index.

A combined 17,488 shares changed hands and there were pending sell orders for 417,502 shares on the BSE and NSE so far. Currently, the stock was trading under ‘T’ group category, under this category, delivery of shares is compulsory.