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SpiceJet shares crash 10% after 2 senior executives resign: Will slump continue?
SpiceJet share price: In the past one month, SpiceJet's stock has declined 13 percent.
SpiceJet share price: Shares of SpiceJet fell 9.7 percent to ₹54.6 per share today (March 12) after Chief Operating Officer (COO) Arun Kashyap and Chief Commercial Officer (CCO) Shilpa Bhatia reportedly resigned.
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The company said that this was part of SpiceJet's strategic restructuring, adding, “As part of SpiceJet's strategic restructuring, several members of the commercial team including the Chief Commercial Officer have left the company."
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It added, "With the recent fund raise, SpiceJet has speeded up the process of resolution of all past disputes. The Company looks forward to adding capacity, growing rapidly and continuing to play a large role in the Indian aviation sector.”
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In the past one month, SpiceJet's stock has declined 13 percent. In February, SpiceJet shares hit a 52-week high of ₹77 apiece. Earlier, SpiceJet secured investments totaling ₹1,060 crore through a preferential issue.
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In the process, investors included Aries Opportunities Fund Limited and Elara India Opportunities Fund Limited.
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It was also reported that the airline has been planning a ₹22.50 billion fundraising effort by selling shares and warrants in order to finance operational expansion initiatives: fleet enhancement, route network expansion, and technological advancements.
