SpiceJet share price declined more than 2 percent intraday to Rs 76.20 on November 17 after the domestic airline announced that it had reached a settlement agreement with aircraft manufacturer Boeing.
In a filing with the BSE, SpiceJet said it had entered into a settlement agreement, wherein “Boeing has agreed to provide certain accommodations and settle outstanding claims related to the grounding of 737 MAX aircraft and its return to service”.
This paves the way for the "induction of efficient and younger MAX aircraft” into SpiceJet’s fleet, and “ensures the resumption of new aircraft deliveries from our order of 155 MAX aircraft", it added.
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India's aviation regulator the Directorate General of Civil Aviation on August 26 lifted the ban on 737 Max planes' commercial flight operations after almost two-and-half years.
DGCA had on March 13, 2019, grounded all 737 Max planes three days after an Ethiopian Airlines 737 Max crashed near Addis Ababa that killed 157 people, including four Indians.
On November 12, the airline reported a loss of Rs 561.7 crore for the quarter ended September 2021 (Q2FY22).
The company had posted a loss of Rs 112.5 crore in the year-ago period. In the previous quarter (June 2021), the loss stood at Rs 729 crore.
Revenue from operations came in at Rs 1,301.7 crore, up 28 percent against Rs 1,016.1 crore in the corresponding quarter of the previous fiscal.
Total revenue from operations came in at Rs 1342.5 crore, up 27.2 percent against Rs 1,055 crore logged in the September 2020 quarter.
At 10.20 am, SpiceJet was quoting at Rs 76.95, down Rs 1.15, or 1.47 percent.