NDTV | Updated On: September 30, 2013 10:24 (IST)
Stocks of SpiceJet fell nearly 4 percent on Monday after its auditor raised red flag over its net worth. In its 2012-13 annual report, its auditors said, "The company's operating results has been materially affected due to various factors and as at March 31, 2013, the company's accumulated losses has fully eroded the net worth of the company. "
SpiceJet faced a sharp hike in its operating cost in FY 2012-13 as rupee depreciation increased its maintenance cost and fuel bill. Total operating expenses for FY 2012-13 increased by 30 percent to Rs 48,105 million from Rs 37,079 million in FY 2011-12.
In the annual report the auditors added: "The appropriateness of the going concern assumption is dependent on the company's ability to establish consistent profitable operations as well as raising adequate finance to meet its short term and long term obligations."
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