Shares of  SpiceJet Ltd were trading in the red and 6% lower on 28 August after the Directorate General of Civil Aviation (DGCA) decided to put SpiceJet under increased surveillance.  

After news of SpiceJet’s financial troubles and flight cancellations broke, the low-cost carrier’s stock suffered a sharp decrease.

DGCA claims that during a special evaluation of the airline’s engineering facilities on August 7 and 8, it found a few flaws.

More spot checks and night observation will be part of the increased surveillance to ensure the safety of the airline’s operations. The regulator had previously placed SpiceJet under closer scrutiny in 2023. 

DCGA said, “In light of the past record and the special audit carried out in August 2024, SpiceJet has once again been placed under enhanced surveillance with immediate effect.”

Due to unpaid fines at the airport, SpiceJet’s scheduled flights from Dubai on Thursday were cancelled.

In June 2024, the company’s net profit for the first quarter decreased by 20% to Rs 158 crore. It was Rs 198 crore at the same time in the preceding fiscal year.

At 11:41 pm, the shares of SpiceJet were trading 5.90% lower at Rs 62.32 on NSE. 

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