SpiceJet shares plunge over 8 percent after a sharp five-day rally

New Delhi: Shares of SpiceJet plunged over 8 per cent Monday on profit-booking after a sharp five-day rally. The scrip tanked 8.15 per cent to close at Rs 125.15 on the BSE. During the day, it plummeted 8.62 per cent to Rs 124.50. In terms of volume, 91.30 lakh shares of the company were traded on the BSE during the day. In the past five trading sessions, the scrip has gained 44.25 per cent.

Meanwhile, the budget carrier Monday said it has inked an initial pact with the 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 the Middle East.

In turn, Emirates’ passengers will enjoy unhindered access to SpiceJet’s 51 domestic destinations — 10 through direct connectivity and the 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 backdrop of the temporary grounding of domestic carrier Jet Airways, which has investment from Emirates’ rival carrier Etihad.
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