SpiceJet shares tank 11% on ‘enhanced surveillance’ by DGCA

In the month of June company informed that it shall declaring its financial results for financial year ended March 31, 2023 in the coming weeks and the intimation about the same shall be provided to the exchange in due course.

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The SpiceJet share price declined 11 percent intraday on July 12 after reports of the aviation regulator putting the company under enhanced surveillance.

The Directorate General of Civil Aviation (DGCA) has put SpiceJet under “enhanced surveillance” after the budget airline flew into multiple financial headwinds in recent months, a senior official confirmed on Tuesday, though the carrier refuted any such development.

The development comes against the backdrop of various lessors seeking repossession of aircraft leased to SpiceJet after some of the cases being settled by the cash-strapped airline.

The enhanced surveillance is on for more than three weeks now and it is an ongoing process, news agency PTI quoted the official as saying. According to the official, it includes increased night surveillance and spot checks.

The focus is to ensure that due to financial issues, there are no potential adverse impact on the flight operations and that there is no “cutting corners” on safety, the official said on the condition of anonymity.

The enhanced surveillance is also to check whether safety obligations are being met or not, the official added.

“The information is absolutely incorrect and is strongly denied,” a SpiceJet spokesperson said in a statement. “No such communication has been received by the airline from the DGCA.”

On July 10, the company announced the appointment of EaseMyTrip (EMT) as a general sales agent (GSA) for select market section in India. This strategic partnership aims to enhance the promotion and sale of SpiceJet’s products and services in select markets.

In June, the company informed that it will declare its financial results for year ended March 31, 2023 in the coming weeks and the intimation about the same shall be provided to the exchange in due course.

The company could not hold the meeting of the audit committee and board members in the past for approval of financial results for FY23 due to ongoing medical incapacitation of a key member of its audit committee.

At 12:09am, SpiceJet was quoting Rs 28.70, down Rs 1.15, or 3.85 percent, on the BSE.

With inputs from PTI