- SpiceJet shares fell 10% to Rs 12.88, lowest in over 11 years on Feb 25
- Around 128.6 million shares traded in 17 block deals, volumes 16 times average
- Stock declined for seventh straight session, losing about 25% in one week
Shares of SpiceJet tumbled 10% to hit the lower circuit on February 25 after nearly 8.4% of the airline's equity changes hands in block deals on the BSE. Around 128.6 million shares were traded across 17 block transactions, according to Bloomberg data. Trading volumes were more than 16 times the three-month full-day average, signalling intense activity in the counter.
As of 11 am, the stock was locked at Rs 12.88 apiece, its lowest level in over 11 years. The sharp decline marks the seventh consecutive session of losses, with the stock shedding about 25% over the past week. It was also the worst performer on the BSE SmallCap index during the session.
Technicals Signal Oversold Territory
Momentum indicators point to extreme weakness. The stock's 14-day Relative Strength Index (RSI) dropped to 9.01. An RSI reading below 30 typically signals that a stock may be oversold, though it does not guarantee an immediate rebound.
The steep fall follows sustained selling pressure, with Tuesday's heavy block activity amplifying the downward move.
ALSO READ: Leh-Bound SpiceJet Plane Returns To New Delhi After Facing Engine Issue
Expansion Plans
The market reaction comes even as the airline recently outlined plans to scale up operations. Last week, SpiceJet said it is working to ramp up its fleet to around 60 aircraft through a mix of wet and damp leases, while also returning grounded planes to service.
The carrier reported that its domestic market share rose to 4.3% in December from 1.9% in September, supported by a 56% expansion in capacity during the December quarter. It has set a target to more than double capacity to 220 crore Available Seat Kilometres by Winter 2026.
At the same time, operational challenges persist. Bangladesh has barred SpiceJet from using its airspace over pending dues, according to sources. As a result, certain flights from Kolkata, including services to Guwahati, are operating on longer routes.
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