SpiceJet Stock Plummets to New 52-Week Low at Rs. 28.62
SpiceJet has hit a new 52-week low, reflecting a significant downturn amid a broader industry struggle. The airline has seen a substantial year-over-year decline, with negative financial metrics, including a sharp drop in net sales and a high percentage of pledged promoter shares, indicating ongoing challenges.
SpiceJet, a small-cap player in the airline industry, has reached a new 52-week low of Rs. 28.62 today, marking a significant downturn for the stock. This decline comes as the company has underperformed its sector by 1.53% and has seen a consecutive fall over the last two days, resulting in a total drop of 3.99% during this period. The stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a persistent downward trend. Over the past year, SpiceJet has experienced a substantial decline of 50.00%, contrasting sharply with the Sensex, which has gained 1.08% in the same timeframe.
Financial metrics reveal a challenging landscape for SpiceJet, with a negative book value and a weak long-term fundamental strength. The company has reported a significant drop in net sales, down 15.9% compared to the previous four-quarter average, and a staggering PAT of Rs. -233.85 crore, reflecting a decline of 1590.2%. Additionally, 43.99% of promoter shares are pledged, which may exert further pressure on the stock in a declining market.
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