Shares of SpiceJet on Friday morning tumbled over 6%. File
| Picture Credit score: Reuters
Shares of SpiceJet on Friday (August 30, 2024) morning tumbled over 6% after aviation watchdog Directorate Normal of Civil Aviation (DGCA) determined to position the crisis-hit firm under enhanced surveillance.
The inventory tanked 6.38% to ₹62 on the BSE after a weak starting.
DGCA on Thursday determined to position SpiceJet below enhanced surveillance that can entail elevated spot checks and evening surveillance to make sure security of the airline’s operations.
Additionally Learn: SpiceJet plans to lay off 1,000 people
Based mostly on studies of cancellation of flights and monetary stress being skilled by SpiceJet, DGCA mentioned it carried out a particular audit of the airline’s engineering services on August 7 and eight and sure deficiencies had been discovered in the course of the audit.
“In gentle of the previous report and the particular audit carried out in August 2024, SpiceJet has as soon as once more been positioned below enhanced surveillance with rapid impact.” DGCA mentioned in a launch.
“This is able to entail a rise within the variety of spot checks/evening surveillance with a view to make sure security of operations,” the assertion added.
In 2023 additionally, the regulator had positioned SpiceJet under enhanced surveillance.
The no-frills service has been grappling with a number of headwinds, together with monetary and authorized woes, and can also be within the technique of elevating funds.
