Market

SpiceJet shares decline two percent

Shares of SpiceJet on Tuesday fell by over 2 per cent amid multiple instances of its planes suffering technical problems in recent weeks.On Tuesday when its Dubai-bound plane was diverted to Karachi due to malfunctioning of the fuel indicator, the airline’s scrip dropped 2.33 per cent to close at Rs 37.65 apiece on BSE. The scrip, which opened at Rs 38.50, touched an intra-day low of Rs 37.45.

During the session, it had recorded an intra-day high of Rs 38.95.The 52-week low of the carrier’s shares is Rs 37.15. The broader market ended in the negative territory with the 30-share benchmark Sensed declining little over 100 points to close at 53,134.35 points on Tuesday. In a statement, SpiceJet said that its B737 aircraft operating flight SG-11 (Delhi-Dubai) was diverted to Karachi due to an indicator light malfunctioning.

“No emergency was declared and the aircraft made a normal landing. There was no earlier report of any malfunction with the aircraft,” it said. This is at least sixth incident of technical malfunction happening on SpiceJet aircraft in the last 17 days. Aviation regulator DGCA is investigating the Tuesday’s incident, along with the previous five incidents. 



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