Shares of low-cost carrier SpiceJet tanked by over 6 per cent on Friday after the company reported a record loss of Rs 559 crore in the quarter ended September, 2013.
Reacting to the disappointing numbers that were announced post market hours on Thursday, shares of SpiceJet made a weak opening and fell by 6.28 per cent to Rs 18.65 on the BSE. The airline, controlled by media baron Kalanithi Maran's Sun Group, had reported a loss of Rs 164 crore in the year-ago period. It's previous biggest loss was Rs 327 crore in the September quarter of Financial Year 2007-08.
The airline, which has been headless since late July after CEO Niel Mills quit, said its income rose marginally to Rs 1,246.08 crore from Rs 1,172.97 crore in the year-ago period. The finance cost rose to Rs 32.72 crore during the July-September quarter from Rs 30.67 crore in the same period last fiscal.
The airline attributed the record high loss to higher fuel prices, which accounted for 56 per cent of the total operational expenses, up from 54 per cent in the year-ago quarter.
A weakening rupee against the US dollar, coupled with a massive spike in aircraft maintenance cost that jumped to Rs 78 crore in the reporting period, added to the airline's woes.
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