SpiceJet tanks 4% as airline sends 80 pilots on Leave Without Pay

Shares of SpiceJet plunged 4 per cent in intraday trades on Tuesday, the low-cost airline sent 80 pilots on leave without pay for three months in its bid to rationalise costs.

At 10:50 AM, the stock traded 3.5 per cent lower at Rs 42.10, amid heavy volume of around 4.07 lakh shares on the BSE. Meanwhile, the BSE benchmark was mor or less unmoved at 59,732.

Meanwhile, among other airline stocks, Jet Airways had zoomed 4 per cent to Rs 101. IndiGo added 0.3 per cent to Rs 1,914.

SpiceJet has been reporting losses for the past four years and is operating less than 50 per cent flights (total 90-odd aircrafts), following the July 27 order of the Directorate General of Civil Aviation (DGCA) in the wake of mishaps.