SpiceJet hit an upper circuit limit of 10% at Rs 18.30 at 13:50 IST on BSE on reports potential investors have submitted a rescue plan for the company to the civil aviation ministry.
Meanwhile, the BSE Sensex was up down 7.05 points, or 0.03%, to 27,267.66.
On BSE, so far 34.42 lakh shares were traded in the counter, compared with an average volume of 1.11 crore shares in the past one quarter.
The stock hit a high of Rs 18.30 and a low of Rs 17.90 so far during the day. The stock hit a 52-week high of Rs 22.20 on 26 May 2014. The stock hit a 52-week low of Rs 11.10 on 13 August 2014.
The stock had outperformed the market over the past one month till 8 January 2015, rising 9.18% compared with 3% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 23.06% as against Sensex's 3.92% rise.
The small-cap company has an equity capital of Rs 599.45 crore. Face value per share is Rs 10.
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According to reports, potential investors in the airliner, led by former promoter Ajay Singh, have submitted a rescue plan for the troubled airline to the civil aviation ministry. The plan includes an initial investment by Saturday, 10 January 2015, and substantial equity infusion in a month's time.
SpiceJet, which is now operating about 200 flights a day, is also reported to have renewed its bank guarantee to Airports Authority of India (AAI). A move intended to reassure the state-owned airports operator and the aviation ministry of the new investors' commitment to clear past dues, reports said.
SpiceJet is facing tough business conditions and the situation has only worsened in recent days with disruption of flights. The cash crunch reportedly forced the airline to delay salaries to employees in December 2014.
SpiceJet reported a net loss of Rs 310.45 crore in Q2 September 2014, lower than net loss of Rs 559.49 crore in Q2 September 2013. Net sales rose 15.2% to Rs 1435.86 crore in Q2 September 2014 over Q2 September 2013.
SpiceJet is India's second largest airline by domestic passenger share.
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