India's SpiceJet falls on report of enhanced surveillance by aviation watchdog

Spicejet

12/07/2023 10:19

(Adds SpiceJet's response in third bullet)
    ** Shares of Sp‪iceJet  SPJT.BO  fall as much as 11.22%,
steepest intraday pct decline in seven weeks, to 26.50 rupees
    ** Press Trust of India reports aviation regulator,
Directorate General of Civil Aviation (DGCA), has put the
airlines operator under enhanced surveillance    
    ** "The company has not received any such communication from
the DGCA," SpiceJet's spokesperson said in an emailed response
to Reuters' queries
    ** Decision comes as SPJT faces multiple financial headwinds
    ** SPJT is in the process of settling dues with various
lessors seeking repossession of leased aircraft 
    ** Trading volume at 2.25 mln shares as of 2:04 p.m. IST,
1.2 times the 30-day avg - Refinitiv data
    ** Stock down 23% YTD vs 7.4% rise in benchmark Nifty 50
index  .NSEI 
    
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com ; +91 9769003463))