Whalesbook
So, baat aisi hai ki SpiceJet ne September 2024 mein ₹3,000 Crore ka paisa Qualified Institutional Placement (QIP) se jama kiya tha, jisme share price ₹61.60 rakha gaya tha. Shuru mein toh sab badhiya laga, foreign portfolio investors (FPIs) aur offshore derivative buyers ne mast entry maari thi, jis se FPI ownership 1.8% se badh kar 23% ho gayi thi ek hi quarter mein!
Lekin yeh khushi zyada chali nahi. March 2026 tak toh share ₹12 ke aas paas aa gaya tha, matlab seedha 85% ka bhayanak crash! FPIs aur ODI clients ne aise bhaga ki FPI holdings wapas 2% se bhi neeche chali gayi. Is beech public shareholding bhi 40% se badh kar 71.5% ho gayi thi.
Yeh sab Indian market se foreign capital ke nikalne ka hi hissa tha, reports ke mutabik FPIs ne nearly $50 Billion nikaal liye the, jo ki ek record outflow tha.
Asal problem toh company ki operational halat thi. Jab yeh QIP hua tha, tab company ki market share bhi gir rahi thi. January 2023 mein jo 7.3% thi, woh August 2024 tak sirf 2.3% reh gayi thi. IndiGo aur Air India jaise bade players se compete karna airline ke liye mushkil ho raha tha.
Company ne yeh ₹3,000 Crore ka paisa basically statutory dues aur liabilities clear karne ke liye use karna tha, jisse company ki paid-up share capital bhi double ho gayi thi.
Iss QIP mein 80 se zyada institutions ne paisa lagaya tha. Mauritius ki Discovery Global Opportunity aur Aries Opportunities ne 3% se zyada stake liya tha. Goldman Sachs aur Morgan Stanley jaise bade names ke offshore derivative desks bhi involved the. Market experts ko yeh sab dekh kar thoda doubt hua, kyunki yeh Participatory Notes (P-Notes) kaafi opaque hote hain aur SEBI bhi in par nazar rakhe hue hai.
Sabse bada investor thi Mumbai ki Authum Investment and Infrastructure, jisne ₹280 Crore lagaye the. Lekin baad mein Authum ne 10.37 crore SpiceJet shares pledge karke market mein bechna shuru kar diya.
Aur toh aur, company ke promoter Ajay Singh ko bhi Supreme Court mein Kalanithi Maran aur KAL Airways ke saath ₹144.5 Crore ke dispute par date pad rahi hai.
Abhi bhi company ke saamne fleet kam hona, badhte loans aur mehenge fuel ka tension hai. Jo investors ne 2024 mein paisa lagaya tha, unke nikalne ke baad abhi short term mein halat theek nahi lag rahi.