SpiceJet lost 5.76% to Rs 13.10 at 12:31 IST on BSE, on reports of flight operations of cash-strapped aviation firm were grounded due to non-supply of jet fuel by oil marketing companies.
Meanwhile, the BSE Sensex was down 13.51 points or 0.06% to 26,764.99
The stock saw huge volume. On BSE, so far 1.35 crore shares were traded in the counter, compared with an average volume of 73.60 lakh shares in the past one quarter.
The stock saw high intraday volatility. The stock gained as much as 7.55% at the day's high of Rs 14.95 so far during the day. The stock lost as much as 8.27% at the day's low of Rs 12.75 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 underperformed the market over the past one month till 16 December 2014, falling 8.73% compared with the Sensex's 4.51% fall. The stock also underperformed the market in past one quarter, rising 0.58% as against Sensex's 1.09% rise.
The small-cap company has an equity capital of Rs 599.45 crore. Face value per share is Rs 10.
As per reports, the cash-strapped airline SpiceJet canceled all of its flights today, 17 December 2014 as it doesn't have the money or the credit to pay for fuel. The budget airline had to ground its flights as fuel companies have stopped delivering fuel because it owes them Rs 14 crore. SpiceJet has been slashing its number of flights in recent weeks but it still has around 250 flights a day, reports added.
Reports further indicated that the aviation ministry yesterday, 16 December 2014 said it may request Indian banks/financial institutions to extended loans of upto Rs 600 crore to the airline as part of measures to keep the carrier functional. Besides, it will also request the finance ministry to permit external commercial borrowing (ECB) for working capital as special dispensation, reports added.
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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