The problems of SpiceJet, a private sector airline struggling with financial crisis, are increasing. In fact, the Directorate General of Civil Aviation (DGCA) has increased its surveillance on SpiceJet. Its purpose is to ensure the safety and reliability of the airline’s operations. Meanwhile, SpiceJet’s flights have been stopped at Dubai Airport due to outstanding payment related reasons.
According to a report by news agency Reuters, Dubai Airport stopped SpiceJet passengers from checking in due to failure to pay dues. In such a situation, the airline was forced to operate empty flights.
SpiceJet airline in trouble
For some time now, SpiceJet promoter Ajay Singh has been looking for investors to support the airline. He is looking to reduce a large stake to raise about Rs 3,000 crore. Earlier, the airline had announced to raise about Rs 2,250 crore from a group of 64 investors. However, the airline company could raise only Rs 1,060 crore.
Apart from this, the airline has also been accused of defaulting on payments due to aircraft lessors. Due to this, some companies have filed a petition in the court to declare the airline bankrupt.
How were the June quarter results
Recently, SpiceJet has released the results for the first quarter ended June 2024. The company’s net profit declined by 20% to Rs 158 crore in this quarter. The profit was Rs 198 crore in the same period last year. Revenue from operations fell 15% year-on-year to Rs 1,708 crore during the June quarter. It was Rs 2,003 crore in the same period a year ago.
share status
Amidst these news, if we talk about SpiceJet Airlines’ stock, it closed at Rs 66.23 on Thursday. The stock closed 6.38% higher than the previous day. During trading, the stock price reached Rs 66.66. Let us tell you that the 52-week high of the stock is Rs 77.50.
