Spicejet shares fall 15% as Q1 loss widens
“The Board has also identified the candidate for appointment as Chief Financial Officer of the Company. The vacancy shall be filled in the month of September 2022 and the necessary disclosure regarding such appointment shall be made upon completio...
By Navdeep Singh, ETMarkets.com |
Agencies
Shares of Spicejet were trading 15 per cent lower in Thursday’s trade after the company’s loss widened to Rs 788 crore in the June quarter from Rs 457 crore in the March quarter.
The scrip also declined as Chief Financial Officer Sanjeev Taneja tendered his resignation following the weak earnings.
“The Board has also identified the candidate for appointment as Chief Financial Officer of the Company. The vacancy shall be filled in the month of September 2022 and the necessary disclosure regarding such appointment shall be made upon completion of all formalities,” Spicejet said in a BSE filing.
The cash-strapped airline, which announced delayed salary payment to employees today, has also passed a board resolution to appoint bankers to raise capital of $200 million (Rs 1,591 crore). At the end of FY22, the company had cash and cash equivalents of Rs 9.6 crore and bank balances of Rs 50.72 crore.
At 10.11 am, the scrip was trading 6.25 per cent lower at Rs 43.50 over the last day’s closing of Rs 46.40 a piece. The stock has fallen nearly 40 per cent in the past one year and is down over 36 per cent so far in 2022.
The scrip also declined as Chief Financial Officer Sanjeev Taneja tendered his resignation following the weak earnings.
“The Board has also identified the candidate for appointment as Chief Financial Officer of the Company. The vacancy shall be filled in the month of September 2022 and the necessary disclosure regarding such appointment shall be made upon completion of all formalities,” Spicejet said in a BSE filing.
The cash-strapped airline, which announced delayed salary payment to employees today, has also passed a board resolution to appoint bankers to raise capital of $200 million (Rs 1,591 crore). At the end of FY22, the company had cash and cash equivalents of Rs 9.6 crore and bank balances of Rs 50.72 crore.
At 10.11 am, the scrip was trading 6.25 per cent lower at Rs 43.50 over the last day’s closing of Rs 46.40 a piece. The stock has fallen nearly 40 per cent in the past one year and is down over 36 per cent so far in 2022.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
