SpiceJet shares slumped sharply on Monday, falling over 11% in the final hour of trade amid heavy selling pressure. The stock dropped to an intraday low of ₹31.16 before recovering slightly to trade 9.43% lower at ₹31.80.
Market activity was unusually high, with 1.76 crore shares changing hands on the BSE — nearly double the two-week average of 89 lakh shares. The airline’s market capitalisation now stands at ₹4,076.72 crore, with the day’s turnover touching ₹57.37 crore.
Share Allotment to Carlyle Aviation Partners
The sharp decline came shortly after SpiceJet completed a major equity allotment to Carlyle Aviation Partners.
On November 18, the company approved the issuance of 10.41 crore equity shares at ₹42.32 per share under a preferential allotment to non-promoters.
The transaction helps wipe out ₹442.25 crore ($50 million) in liabilities from the airline’s books. As part of the agreement, any amount Carlyle realises above $50 million from selling these shares will be partially used to reduce SpiceJet’s future lease obligations.
Technical View: Support at ₹30, Resistance Near ₹38–42
Market analysts currently maintain a bearish to range-bound outlook on SpiceJet.
Key technical levels:
- Support: ₹30
- Resistance: ₹38; major hurdle at ₹40–42
- Below ₹30: Stock may fall to ₹28.5
- Above ₹38: Could open upside toward ₹40
Osho Krishan of Angel One said the stock has slipped below short-term EMAs and remains under bearish pressure. A break below ₹30 may accelerate downside momentum, while resistance near ₹37–38 needs to be cleared for any recovery attempt.
Anand Rathi’s Jigar S Patel echoed the view, noting that the stock remains locked between ₹30 and ₹40, with a decisive move above ₹38 required for further gains.
