SpiceJet hits 52-week low; stock skids 37% in three months

SpiceJet hit a 52-week low of Rs 89.20, down 3%, extending its 17% decline in past 10 trading sessions on the BSE.

SI Reporter  |  Mumbai 

Mumbai rains
A domestic Spice Jet aircraft is seen off the runway after it skidded off into the unpaved surface during heavy rains in Mumbai, India, Wednesday, Sept. 20, 2017. AP/PTI Photo

Shares of SpiceJet hit a 52-week low of Rs 89.20, down 3%, extending its 17% decline in past 10 trading sessions on the BSE, in otherwise strong market on concerns of weak set of financial numbers for the quarter ending June 2018 (Q1FY19). Indian budget airline not yet declare the date for announcement of its quarterly numbers.

In past three months, SpiceJet has underperformed the market by falling 37%, as compared to 12% rise in the S&P BSE Sensex.

InterGlobe Aviation (owner of airline IndiGo) had reported a 96% decline in net profit at Rs 278 million in Q1FY19 owing to adverse impact of foreign exchange and high fuel prices. Analysts had expected net profit of Rs 5 billion from the budget carrier for the quarter.

Jet Airways (India) is scheduled to announce its June quarter results on Thursday, August 9, 2018.

“We expect aviation firms under our coverage (IndiGo, SpiceJet and Jet Airways) to report 71% YoY decrease in their cumulative profit after tax due to anticipated lower yields growth of IndiGo and Jet Airways versus rise in fuel cost, while SpiceJet would fully pass-on the increase in fuel cost,” the brokerage firm Elara Capital said in Q1FY19 preview.

At 11:30 am; SpiceJet was trading 3% at Rs 89.45 on the BSE, as compared to 0.42% rise in the Sensex. Around 1.29 million equity shares changed hands on the counter on the BSE so far.

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First Published: Wed, August 08 2018. 11:32 IST