Shares of SpiceJet today fell nearly 3 per cent after the company's September quarter result failed to meet street expectations.
The stock lost 2.91 per cent to settle at Rs 48.45 on BSE. Intra-day, it declined 5.81 per cent to Rs 47.
"Shares of SpiceJet corrected as the low-cost airline reported under-expected Q2 results. SpiceJet reported a 67 per cent drop in quarter-on-quarter. The airline reported a net profit of Rs 23.77 crore in September quarter against Rs 71.84 crore in June quarter.
"The numbers however look rosy when compared with a net loss of Rs 334.2 crore reported by the airline in second quarter of last fiscal", said Hiren Dhakan, Associate Fund manager, Bonanza Portfolio Ltd.
SpiceJet yesterday reported a net profit of Rs 23.77 crore in the three months ended September, driven by a steep fall in fuel costs and other expenses.
The no-frills carrier, which saw the return of its original promoter Ajay Singh at the helm earlier this year, had a net loss of Rs 310.45 crore in 2014 September quarter.
The airline has flown into the black despite its total income from operations declining over 28 per cent to Rs 1,040.13 crore in July-September of the current fiscal, according to a release.
In the year-ago period, the same stood at Rs 1,449.94 crore.
