SpiceJet Shares Fall 18.5% In Intra-day Trade

Budget carrier SpiceJet's shares fell 18.56% in intra-day trade today over concerns that the airline might be in a crisis.

The company's shares fell to Rs 13.60 on the Bombay Stock Exchange during the afternoon from the previous close of Rs 16.70 as there were reports of the airline faltering over distributing TDS (tax deducted at source) certificates and Form 16 (needed for filing tax returns) to its employees.

One of the company's employees filed a complaint to the Directorate General of Civil Aviation that SpiceJet had not distributed Form 16 among its staff.

By 2:50 pm, the shares recovered a slightly to Rs 14.10, but it was still down 15.57% over the previous close.

The DGCA has ordered an engineering audit of the airline following reports that the carrier was struggling to provide equipment to operate flights. The audit will take place in the next 15 days and will look at the maintenance of aircraft and availability of spares at SpiceJet.