SpiceJet falls 8% after DGCA orders grounding of Boeing 737 MAX aircraft

There are 18 Boeing 737 Max planes in India - 13 of them with SpiceJet and five with Jet Airways.

Shares of SpiceJet slipped as much as 7.99 per cent to Rs 72.50 in the early trade on Wednesday after the Directorate General of Civil Aviation (DGCA), India’s aviation regulator, grounded Boeing 737 MAX planes following the fatal crash of a plane of the same model in Ethiopia that killed 157 people.

However, the stock regained some of the lost ground and ended the session at Rs 77 levels on the BSE, down 2.1 per cent, as compared to 0.6 per cent rise in the S&P BSE Sensex.

“Passenger safety remains our top priority. We continue to consult closely