SpiceJet Shares Fall 3% Amid Reports of Company Facing Liquidity Crunch
Image for representation. (Reuters)
New Delhi: Spicejet shares fell up to 3 per cent on Monday amid reports that company faces liquidity crunch and is planning to raise Rs 750 crore through qualified institutional placement (QIP). The scrip of the low cost carrier declined 2.92 per cent to Rs 106.30 on the BSE.
According to media reports, SpiceJet is facing liquidity crunch and planning to raise Rs 750 crore via QIP.
However, in a clarification to the BSE, SpiceJet said, "In this regard, we wish to clarify that the company does not have any plan to come with any qualified institutional placement (QIP) at this time". QIP is a fund-raising mechanism for listed companies.
SpiceJet has reported widening of loss to Rs 462.6 crore in the three months ended September, mainly hit by expenses related to grounding of Boeing 737 MAX planes and changes in accounting norms. The carrier has a fleet of 118 planes and on an average operates 630 flights daily.