Stocks

SpiceJet shares end lower by over 8%

PTI New Delhi | Updated on April 22, 2019 Published on April 22, 2019

Shares of SpiceJet plunged on profit-booking after a sharp five-day rally.   -  Reuters

Inks code-share partnership with Emirates

Shares of SpiceJet on Monday plunged nearly 6 per cent on profit-booking after a sharp five-day rally. Despite a positive opening, the scrip failed to maintain the winning run and declined 5.79 per cent to Rs 128.35 on the BSE. In the past five trading sessions, the scrip has gained 44.25 per cent.

On Monday, the shares of SpiceJet closed at Rs 125.15, lower by 8.15 per cent.

Code-share partnership

Meanwhile, the budget carrier on Monday said it has inked an initial pact with 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 Middle East. In turn, Emirates’ passengers will enjoy unhindered access to SpiceJet’s 51 domestic destinations -- 10 through direct connectivity and 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 back drop of the temporary grounding of domestic carrier Jet Airways, which has investment from Emirates’ rival carrier Etihad.

Published on April 22, 2019
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