SpiceJet, IndiGo shares surge at the expense of Jet Airways
Mumbai: Shares of SpiceJet Ltd on Wednesday surged 20% to hit upper circuit on the BSE while IndiGo operator Interglobe Aviation Ltd gained 10% on hopes that the aviation firms will gain financially amid a Jet Airways crisis that refuses to abate.
SpiceJet shares rose 16.38% to ₹91.65 apiece on the BSE while IndiGo shares gained 7.3% to end the day at ₹1,422.80. India’s benchmark Sensex rose 0.06% to 38,386.75 points. Year to date, SpiceJet and IndiGo are up 2.8% and 22%, respectively.
Meanwhile, shares of Jet Airways (India) Ltd fell for a sixth session out of the last seven on continued financial woes. More than half of its aircraft fleet is grounded due to non-payment of dues to lessors and several defaults. As on Wednesday, the airline had only 41 planes in operation, down from its original fleet of 119 aircraft.
