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HomeBusinessSpiceJet shares fall after DGCA order; stock hits 52-week low

SpiceJet shares fall after DGCA order; stock hits 52-week low

Spicejet Share Price: If you have also invested money in your SpiceJet stock, then investors have got a big setback. The shares of Indian airline company SpiceJet have seen a drop of 10 percent today (why spicejet share price going down). Yesterday i.e. on Wednesday, DGCA has banned 50 percent of the flights of Spiget for 8 weeks, after which the company’s shares have seen a big fall on Thursday.

Why did the stock fall?
Let us tell you that recently there were many cases of technical glitches in SpiceJet planes, due to which DGCA has taken this step. DGCA has said that for the next eight weeks, there is an order to operate a maximum of 50 percent of the flights approved for the summer.

Stocks hit 52 week low
Let us tell you that today the stock of the company has fallen 9.66 percent to a 52-week low of Rs 34.60 per share on the BSE. The fall in the company’s stock came at a time when there is a bullish trend in the domestic stock market and the 30-share index BSE Sensex has gained 733.21 points or 1.31 percent to 56,549.53.

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Company issued statement
The DGCA had said that the budget airline would be closely monitored during these eight weeks. The company issued a statement on Thursday saying that it would address the concerns expressed by the Directorate General of Civil Aviation.

The DGCA said that SpiceJet has failed to establish a safe, efficient and reliable air transport service. The order said that the airline is taking measures to prevent this, but it needs to maintain its efforts for a safe and reliable air service.


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