SpiceJet slips 8%; down over 24% since December 1

NEW DELHI: Shares of SpiceJet continued their downward trend, slipping over 7 per cent in intraday trade on Thursday.

The fall comes despite the low-cost carrier getting some relief on Wednesday with the Airports Authority of India (AAI) giving it another five days to pay dues amounting to about Rs 200 crore.

SpiceJet shares have fallen 24% since December 1 when the payment trouble at the company erupted.

Today, the airline is offering cut-price fares on some sectors; in some instances almost half of what is charged by rivals. This falied to revive sentiment on the Street.

Also, the company seems to have failed to benefit from falling crude prices that is a huge factor in improving profit margins.

Ace investor Rakesh Jhunjhunwala picked 75 lakh shares of SpiceJet for more than Rs 13 crore through open market route in November end; though he tacitly said that he was not bullish on the stock.