MUMBAI, India — Shares of SpiceJet plunged 10 percent on Wednesday in Mumbai, hitting the lower circuit and falling to their lowest level in more than 11 years after heavy block deals sparked intense selling pressure.
Nearly 8.4 percent of the airline’s equity changed hands during the session, according to media reports, with about 128.6 million shares traded through 17 block deals, making SpiceJet one of the most actively traded stocks of the day.
Trading volumes were more than 16 times the three-month full-day average, signaling unusually high activity and strong selling interest. By around 11 a.m., the stock was locked at Rs 12.88 per share.
The decline marked the seventh consecutive session of losses for the airline’s shares. Over the past week, the stock has fallen about 25 percent, emerging as the worst performer on the BSE SmallCap index during the session.
Technical indicators pointed to extreme weakness, with the 14-day Relative Strength Index dropping to 9.01.
The sharp selloff came despite the airline recently outlining plans to expand its operations. Last week, SpiceJet said it aims to increase its fleet to around 60 aircraft through a mix of wet and damp leases and is working to bring grounded planes back into service.
The airline had also reported an improvement in its domestic market share, which rose to 4.3 percent in December from 1.9 percent in September, supported by a 56 percent increase in capacity during the December quarter.
SpiceJet has set a target to more than double its capacity to 220 crore Available Seat Kilometres by Winter 2026.
However, operational challenges continue to weigh on the company. Reports said Bangladesh has barred SpiceJet from using its airspace over pending dues, forcing some flights from Kolkata, including services to Guwahati, to operate on longer routes and adding to operational strain. (Source: IANS)
