SpiceJet shares fall nearly 7% as investor sentiment weakens

SpiceJet shares fell nearly 7% today, reaching an intraday low of Rs 49.60. This decline marks an 18.33% drop over the past month. The airline plans to unground 10 aircraft by mid-April 2025, which may have influenced investor sentiment. The budget carrier recently added 10 planes to its fleet and expanded its network with over 60 new flights in three months. SpiceJet also signed an agreement for engine maintenance and resolved disputes with lessors, but these developments did not prevent the stock's decline. The stock is currently trading below various moving averages and has a low relative strength index, indicating it may be oversold. High trading volume was noted today, with nearly 60 lakh shares changing hands, surpassing the two-week average.