SpiceJet Stock Slumps 10% to 11-Year Low After Heavy Block Deals

Mumbai- Shares of SpiceJet plunged 10 per cent on Wednesday, hitting the lower circuit amid heavy block deal activity that triggered sharp selling pressure on the counter.

Around 8.4 per cent of the airline’s total equity changed hands during the session, media reports said. Nearly 128.6 million shares were traded through 17 block deals, making SpiceJet one of the most actively traded stocks of the day.

Trading volumes surged to more than 16 times the three-month average full-day volume, reflecting intense market activity and strong selling interest. By 11 a.m., the stock was locked at Rs 12.88 per share — its lowest level in over 11 years.

The decline marked the seventh consecutive session of losses for the airline. Over the past week alone, the stock has fallen by about 25 per cent, making it the worst-performing stock on the BSE SmallCap index during the session.

Technical indicators point to severe weakness. The 14-day Relative Strength Index (RSI) dropped to an extremely oversold level of 9.01.

The sharp sell-off comes despite the airline recently outlining expansion plans. Last week, SpiceJet announced it was working to increase its fleet to around 60 aircraft through a combination of wet and damp leasing, while also restoring grounded planes to active service.

The airline said its domestic market share improved to 4.3 per cent in December, up from 1.9 per cent in September, supported by a 56 per cent increase in capacity during the December quarter. It has also set a target to more than double capacity to 220 crore Available Seat Kilometres by Winter 2026.

However, operational challenges continue to weigh on sentiment. Reports suggest that Bangladesh has restricted SpiceJet from using its airspace due to pending dues, forcing some Kolkata-based flights — including services to Guwahati — to take longer routes, adding to operational strain.

With inputs from IANS