Meanwhile, the S&P BSE Sensex was down 91.49 points or 0.47% at 19,554.72.

On BSE, 16.54 lakh shares were traded in the counter as against average daily volume of 38.24 lakh shares in the past two weeks.

The stock hit a high of Rs 36.30 and a low of Rs 34.90 so far during the day.

Shares of SpiceJet had rallied 11.52% in five trading sessions to settle at Rs 35.80 on Monday, 11 March 2013, from a recent low of Rs 32.10 on 4 March 2013.

The Cabinet Committee on Security (CCS) on 8 March 2013 cleared Flexible Use of Airspace (FUA) by civil and military users. The primary objective of FUA is to enhance airspace capacity, minimize delays, fuel conservation, emission reduction and ultimate benefits to travelling public, the Ministry of Civil Aviation said in a statement. Implementation of FUA through efficient civilian military co-ordination is an essential requirement to foster the traffic growth with ultimate benefit to the nation's economy. FUA permits both military and civil user to efficiently and effectively utilize the available airspace on sharing basis to gain optimum usage, thereby enhancing its capacity, which results into efficient operations. In this model a coordinated procedure between the civil and the military and vice versa, as per need and on a real time basis if it is not being used by the user assigned with the responsibility for its control.

With the implementation of FUA, there will be a fuel saving of 20,29,380 kg per annum and reduction of carbon dioxide emission by 63,93,600 kg per annum by direct routing between seven city pairs of Delhi-Mumbai, Delhi-Kolkata, Delhi–Chennai, Delhi-Hyderabad, Delhi-Begaluru, Kolkata-Chennai and Chennai-Mumbai for which the information is available, the Ministry of Civil Aviation said.

SpiceJet reported net profit of Rs 102.01 crore in Q3 December 2012, as against net loss of Rs 39.26 crore in Q3 December 2011. Net sales rose 36.9% to Rs 1577.79 crore in Q3 December 2012 over Q3 December 2011.

SpiceJet currently operates more than 330 daily flights to 42 Indian cities and 7 international destinations.