SpiceJet shares decline over 4% after Q2 loss

Shares of SpiceJet on Tuesday fell over 4 per cent in morning trade after the firm reported widening of net loss to Rs 837.8 crore in the three months ended September.

The stock after a weak beginning, further declined 4.24 per cent to Rs 37.20 on the BSE.

SpiceJet on Monday reported widening of net loss to Rs 837.8 crore in the three months ended September, as record fuel prices and depreciating rupee caused turbulence for the budget carrier.

Excluding the forex loss, the airline's net loss stood at Rs 577.7 crore in the latest quarter under review.

In the year-ago period, SpiceJet posted a net loss of Rs 561.7 crore. During that period, including a forex gain, the figure was Rs 568.7 crore, according to a release.

The airline said business in the second quarter of the current fiscal was "hit by record-high fuel prices, depreciating rupee in the traditionally weak quarter".

"Total revenue for the reported quarter was Rs 2,104.7 crore as against Rs 1,538.7 crore in the same quarter of the previous year. For the same comparative period, operating expenses were Rs 2,942.6 crore as against Rs 2,100.4 crore," the release said.