Shares of SpiceJet tumbled by 10% on Wednesday, triggering a lower circuit due to significant block deals on the BSE. Media reports indicated that almost 8.4% of the airline’s equity was traded during the session. This made SpiceJet one of the most active stocks of the day, with around 128.6 million shares exchanged through 17 block deals.
Trading volumes surged to more than 16 times the three-month full-day average, highlighting intense activity and strong selling pressure. By 11 am, the stock was locked at Rs 12.88 per share, marking its lowest level in over 11 years. The decline represented the seventh consecutive session of losses for the airline’s shares.
Technical indicators revealed severe weakness in the stock, with the 14-day Relative Strength Index (RSI) plummeting to 9.01. Despite recent plans to expand operations, SpiceJet faced a sharp decline. The airline aimed to grow its fleet size to approximately 60 aircraft through a combination of wet and damp leases. It also intended to reintroduce grounded aircraft into service.
SpiceJet reported an improvement in its domestic market share to 4.3% in December from 1.9% in September. This growth was supported by a 56% increase in capacity during the December quarter. The airline set a target to more than double its capacity to 220 crore Available Seat Kilometres by Winter 2026. However, operational challenges persisted, with reports indicating that Bangladesh had restricted SpiceJet from using its airspace due to pending dues.
As a consequence, certain flights from Kolkata, including those to Guwahati, were compelled to operate on longer routes, adding strain to operations.
