SpiceJet shares down over 3 per cent as woes continue

MUMBAI: Shares of cash-strapped carrier SpiceJet today fell by over 3 per cent after the company extended its flight cancellations till next month affecting over 300 flights, while government made it clear that the airline will have to itself resolve its financial woes.

The SpiceJet scrip went down by 3.37 per cent to settle at Rs 17.20 on the BSE. During the day, it slipped 5.89 per cent to Rs 16.75 apiece.

On the volume front, 111.90 lakh shares of the company changed hands at the BSE during the day.

According to the latest update on the airline's website, over 300 flights have been cancelled till January 31, 2015, which include mostly domestic flights and a few connecting Nepal and Afghanistan.

This follows cancellation of over 1,800 flights, announced earlier this month by the Chennai-based airline, till December 31, 2014.

Civil Aviation Minister Ashok Gajapathi Raju had yesterday said that the Kalanithi Maran-promoted carrier will have to itself resolve its financial problems and the government can only help in the process.

The airline will have to furnish bank guarantee for the AAI dues, which stand at Rs 200 crore, to avail parking and landing facilities at various government-run airports from from Thursday.