BackSpiceJet shares fall 11% as pilots quit
News reports said 40 pilots including some commanders have quit the airline in the past six months
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Mumbai: Shares of SpiceJet Ltd fell as much as 11.4% on Monday after news reports said 40 pilots including some commanders have quit the airline in the past six months.
In their latest report, the airline’s auditors have cast doubts over the ability of media baron Kalanithi Maran’s budget carrier to run as a “going concern".
The company reported its fifth straight quarterly loss in the three months ended 30 September, despite a fall in fuel prices during the period. The airline reported a ₹ 310.4 crore loss in the September quarter, compared with ₹ 559.49 crore loss in the year-earlier period.
Rival Jet Airways (India) Ltd was trading at ₹ 272.45 on BSE, down 1.3%. It posted its first profit in seven quarters, helped by its frequent flyer programme, but excluding the one-off gain, it remained in the red. The airline, founded by Naresh Goyal and part-owned by Etihad Airways PJSC, posted a net profit of ₹ 69.82 crore for the three months to September, against a net loss of ₹ 891.01 crore in the year-ago quarter, Mint reported on 8 November.
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