Shares of SpiceJet Ltd. tumbled nearly 10% to an over-two-month low on Tuesday after its chief commercial officer exited the company with immediate effect.
The CCO and several members of the commercial team have left the company as part of SpiceJet's strategic restructuring, the company spokesperson said in a statement.
"With the recent fund raise, SpiceJet has speeded up the process of resolution of all past disputes. The company looks forward to adding capacity, growing rapidly and continuing to play a large role in the Indian aviation sector," the spokesperson said.
Shares of SpiceJet fell as much as 9.87% to the lowest since Dec. 18, before paring loss to trade 6.80% lower at 11:00 a.m. This compares to a 0.02% decline in the NSE Nifty 50.
It has risen 66.28% in the last 12 months. The total traded volume so far in the day stood at 1.1 times its 30-day average. The relative strength index was at 33.40.
Of the four analysts tracking the company, one maintains a 'buy' rating and three recommend a 'hold', according to Bloomberg data. The average 12-month analysts' price target implies a potential downside of 15.4%.
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