SpiceJet confirms bid for Go First; stock surges 29% in two days
The Gurgaon-based budget carrier on Tuesday confirmed that it will submit a bid to buy a stake in Go First after conducting due diligence on the grounded airline.
The Gurgaon-based budget carrier on Tuesday confirmed that it will submit a bid to buy a stake in Go First after conducting due diligence on the grounded airline.
The budget airline has seen a consistent drop in its domestic market share in 2023
The low-cost airline's board also proposed raising fresh capital of up to ₹2,500 crore by issuing securities to qualified institutional buyers.
The low cost carrier posted a net profit of ₹110 crore in the three months ended December 31, 2022, as against ₹42.46 crore, a year earlier.
The airline says its business was hit by record high fuel prices, a depreciating rupee in the traditionally weak quarter.
SpiceJet shares have fallen 9% in two sessions after the DGCA extended restrictions on the airline and ordered it to operate 50% of its departure until October 29, 2022.