SpiceJet accumulated losses hit Rs 6,700 crore
With losses of Rs 1,721.9 crore in FY22 and Rs 787.9 crore in the June quarter, SpiceJet’s accumulated losses touched Rs 6,700.5 crore at the end of June, resulting in a further erosion of the company’s net worth, the firm’s auditors have said.
The airline’s current liabilities exceed its current assets by Rs 6,691.2 crore, the auditors have noted. The SpiceJet stock crashed more than 14% in early trades on Thursday before ending the session at Rs 44.95, down 3.13%.
The company has said it is looking to raise additional funds from banks under the ECLGS 3.0 extension scheme. The board has also approved a fresh capital raise through issue of eligible securities; there is talk of raising $200 million of equity capital, possibly through a stake sale. SpiceJet’s promoter Ajay Singh and his family hold 59.4% stake in the airline.
