SpiceJet lost 2.14% to Rs 17.38 at 11:46 IST on BSE, with the stock sliding on profit booking after recent steep rally triggered by state-run oil marketing companies on Tuesday, 1 April 2014, announcing reduction in the price of aviation turbine fuel
Meanwhile, the S&P BSE Sensex was down 78.97 points or 0.35% at 22,430.10.
On BSE, so far 16.08 lakh shares were traded in the counter as against average daily volume of 27.13 lakh shares in the past one quarter.
The stock hit a high of Rs 17.80 and a low of Rs 16.95 so far during the day. The stock had hit a 52-week low of Rs 12.50 on 4 March 2014. The stock had hit a 52-week high of Rs 43.75 on 6 May 2013.
The stock outperformed the market over the past one month till 3 April 2014, surging 39.18% compared with the Sensex's 7.46% rise. The scrip had, however, underperformed the market in past one quarter, declining 9.39% as against Sensex's 7.95% rise.
The small-cap company has equity capital of Rs 535.28 crore. Face value per share is Rs 10.
Shares of SpiceJet had rallied a whopping 33.33% in six trading sessions to settle at Rs 17.76 on Thursday, 3 April 2014, from a recent low of Rs 13.32 on 26 March 2014. The rally in the stock caught momentum after the state-run oil marketing companies on Tuesday, 1 April 2014, announced reduction in the price of aviation turbine fuel (ATF), reflecting global trends.
ATF price at Delhi was cut by Rs 3,025.34 per kl, or 4%, to Rs 71,800.21 per kl. In Mumbai, jet fuel costs Rs 74,105.16 per kl as against Rs 77,322.6 per kl previously. Rates at different airports vary because of difference in local Sales Tax or VAT.
Jet fuel constitutes over 40% of an airline's operating costs and the price cut will reduce the fuel cost of the cash-strapped carriers.
SpiceJet reported a net loss of Rs 172.80 crore in Q3 December 2013 as against net profit of Rs 102.01 crore in Q3 December 2012. Net sales rose 13.8% to Rs 1796.27 crore in Q3 December 2013 over Q3 December 2012.
SpiceJet is India's low fare airline.
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