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This is an archive article published on May 31, 2012

SpiceJet stock plunges 10

SpiceJet's market-cap erodes by Rs 139 cr.

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SpiceJet stock nosedived by 10 per cent today after the company reported over four-fold rise in net loss at Rs 249 crore for the fourth quarter ended March 31.

Extending its weak opening,shares of the company lost 11.34 per cent during the day and finally settled at Rs 28.15,down 10.06 per cent on the BSE.

Following the steep loss in share price,the company8217;s market value slipped by Rs 139 crore to Rs 1,242 crore.

8220;SpiceJet shares nosedived after the company declared its Q4 results yesterday reporting a loss of Rs 249 crore,8221; Sharmila Joshi Head Equity Fairwealth Securities said.

The net loss was due to higher fuel costs which offset a 46 per cent jump in sales.

The carrier had reported a loss of Rs 59 crore in the year-ago period.

For the full year,the company8217;s net loss stood at Rs 605 crore against a net profit of Rs 101 crore in FY11. Income rose to Rs 3,998 crore in FY12 from Rs 2,938 crore.

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Meanwhile,in the broader market the BSE benchmark Sensex ended at 16,218.53,down 93.62 points.

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