SpiceJet shares jumped as much as 15 per cent on Thursday, after news that Jet Airways had suspended its operations. SpiceJet chairman Ajay Singh said the budget airline was taking "all possible proactive measures" to deal with capacity reduction in the aviation industry, a day after rival Jet Airways was forced to ground all flights as it ran out of funds.
Shares in SpiceJet jumped to as much as Rs 152.60 apiece on the Bombay Stock Exchange (BSE), compared with their previous close of Rs 132.70. That marked a spike of 15 per cent in intraday trade. On the other hand, Jet Airways shares fell 30.29 per cent to Rs 168.60 at the day's weakest point.
On the National Stock Exchange (NSE), Jet Airways shares plummeted as much as 34 per cent to hit an intraday low of 158.70 apiece, compared with the previous close of Rs 240.50.
Jet Airways halted all flight operations indefinitely on Wednesday after its lenders rejected a plea for emergency funds, potentially bringing the curtains down on what was once India's largest private airline.
SpiceJet will add six more Boeing 737-800 NG aircraft on a dry lease, in addition to the sixteen 737s and five Bombardier Q400 airplanes it inducted recently, the airline said in a statement.
At 11:03 am, shares in SpiceJet traded 7.84 per cent higher at Rs 143.10 on the BSE, while the Jet Airways stock traded 27.56 per cent lower at Rs 175.20.