Mumbai: SpiceJet shares fell sharply by over 16 percent Wednesday amid reports that the carrier is facing financial crisis.
Shares of SpiceJet tanked 16.17 percent to close the day at Rs 14 on the BSE. In intra-day, it slumped 18.56 percent to Rs 13.60.
The market value of the company fell by Rs 143.61 crore to Rs 749.39 crore.
As per media reports, the airline is faltering over distributing TDS (tax deducted at source) certificates and Form 16 (needed for filing tax returns) to its employees, also an engineering audit has been ordered by the aviation regulator.
The Directorate General of Civil Aviation (DGCA) has ordered an engineering audit of the airline after the carrier is said to have found it difficult to provide equipment to operate some flights.
As to reports that the airline was yet to pay the income tax department the tax collected from its employees, a SpiceJet spokesperson had said yesterday said, "These matters are privileged and cannot be discussed in the media. We are well aware of our obligations under the applicable law but we are answerable only to the appropriate statutory authorities."
