SpiceJet shares plunge over 8% on profit-booking after sharp five-day rally

The scrip tanked 8.15 percent to close at Rs 125.15 on the BSE. During the day, it plummeted 8.62 percent to Rs 124.50

Press Trust of India April 22, 2019 16:37:53 IST
SpiceJet shares plunge over 8% on profit-booking after sharp five-day rally
  • In terms of volume, 91.30 lakh shares of the company were traded on the BSE during the day

  • The budget carrier Monday said it has inked an initial pact with the Gulf-based Emirates for code-share partnership

  • SpiceJet's first code-share partnership with Emirates assumes significance in the backdrop temporary grounding of Jet Airways

New Delhi: Shares of SpiceJet plunged over 8 percent Monday on profit-booking after a sharp five-day rally.

The scrip tanked 8.15 percent to close at Rs 125.15 on the BSE. During the day, it plummeted 8.62 percent to Rs 124.50.

In terms of volume, 91.30 lakh shares of the company were traded on the BSE during the day.

In the past five trading sessions, the scrip has gained 44.25 percent.

SpiceJet shares plunge over 8 on profitbooking after sharp fiveday rally

Representational image. Reuters

Meanwhile, the budget carrier Monday said it has inked an initial pact with the Gulf-based Emirates for code-share partnership, a move that will give wider connectivity to its passengers on the latter's network across the US, Europe, Africa and the Middle East.

In turn, Emirates' passengers will enjoy unhindered access to SpiceJet's 51 domestic destinations -- 10 through direct connectivity and the rest 41 through connecting flights, the airline said in a release.

SpiceJet's first code-share partnership with Emirates, which is subject to regulatory approvals, assumes significance in the backdrop of the temporary grounding of domestic carrier Jet Airways, which has investment from Emirates' rival carrier Etihad.

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