SpiceJet shares jump 12 % after US FAA approves return of Boeing 737 Max aircraft
New Delhi: Shares of SpiceJet zoomed over 12 per cent on Thursday after Federal Aviation Administration (FAA) of the US approved the return of Boeing 737 Max aircraft to commercial service. Directorate General of Civil Aviation (DGCA) on Wednesday said it will study FAA's decision and take "some time" before taking a final call on allowing Boeing 737 Max planes to fly again in the Indian skies.
On BSE, the shares closed the counter at Rs 74.35, rising 12.06 per cent over the previous close. During the trading session, the scrip rose as much as 15.74 per cent to Rs 76.8. Following a similar trend on NSE, the scrip rallied 11.7 per cent to Rs 74. It touched an intra-day high of Rs 76.8 by rising 15.92 per cent. In terms of traded volume, 68.54 lakh shares were traded on BSE, while over 5.67 crore scrips changed hands on NSE.
The US FAA on Wednesday paved the way for the Max aircraft to return to commercial service after a comprehensive and methodical safety review process that stretched for 20 months. In the wake of two fatal crashes involving MAX planes, these aircraft were grounded worldwide in 2019. Joining many other regulators worldwide, the DGCA grounded max aircraft in March last year.
When asked about the next step after the FAA cleared the path for the resumption of Boeing 737 Max flights, a senior DGCA official told PTI that the regulator would "study and react. It will take some time".
Only two Indian carriers -- SpiceJet and now-shuttered Jet Airways -- were operating Max aircraft before they were grounded on safety concerns. SpiceJet has a fleet of 13 such planes that were grounded in March 2019. PTI