A day to forget! SpiceJet stock falls over 20% intraday as co marks 18th anniversary

Shares of budget airline, SpiceJet, have plummeted by over 20% on Tuesday due to its financial struggles and lessors pushing for the carrier to clear its dues. SpiceJet has also experienced various grounded planes, which has led to the defaulting of lease rental payments. The airline aims to return four out of the 25 grounded aircraft to operations by June 15 and more to follow in the next few weeks. While SpiceJet is targeting the return of planes, analysts have noted that the company’s competitor, IndiGo, has gained 12% on a year-to-date basis.