SpiceJet’s stock dropped by 6.28% to ₹63.85 at 2:07 PM, potentially driven by concerns over rising crude oil prices amidst the escalating Middle East tensions between Iran and Israel. The stock opened at ₹66.88 and hit a low of ₹63.22 during the session.
Additionally, the stock saw a significant BSE bulk deal, with Plutus Wealth Management LLP acquiring 75 lakh shares at an average price of ₹66.7 per share, totaling ₹50.02 crore. This acquisition increases the institutional investor’s stake in SpiceJet by 0.58%.
The rising crude prices are expected to impact airline stocks due to increased fuel costs, adding to the downward pressure on SpiceJet.
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