Shares of budget airline SpiceJet today fell 4 per cent after the company reported widening of net loss by a steep 59 per cent to Rs 275 crore during the third quarter ended December 31, 2014.
The stock went down by 3.99 per cent to Rs 19.25 at the BSE.
The company had announced its results post market hours yesterday.
In the middle of an ownership change, SpiceJet had yesterday reported a steep 59 per cent rise in third quarter net loss to Rs 275 crore on lower passenger numbers and a one-time cost of Rs 295 crore.
The cash-strapped airline was forced to ground the flights for some days during the quarter after its vendors refused to offer credit. This resulted in the airline witnessing a 31 per cent decline in capacity, while revenues fell 27 per cent to Rs 1,300 crore from Rs 1,769 crore in the year-ago quarter.
The net loss has widened from Rs 173 crore during the September-December 2013 quarter, the airline had said.
Finance cost also went up sharply to over Rs 47 crore in the quarter ended December 31, 2014, from a little over Rs 30 crore in the year-ago period, while SpiceJet had to bear one-off and exceptional expenses totalling Rs 295 crore in the latest three-month period.