India's SpiceJet shares fall nearly 15% on bigger quarterly loss
Shares of India's SpiceJet tumbled nearly 15% on Thursday to a one-month low, after the low-cost carrier posted a bigger quarterly loss due to higher fuel costs and unfavourable foreign currency rates, and said its finance chief had resigned. SpiceJet on Wednesday reported a net loss of 7.84b rupees ($98.50m) for the quarter ended June 30, compared with a loss of 7.31b rupees a year earlier. The cash-strapped airline has recently struggled to make timely payments to vendors and lessors, prompting some to deregister planes. Last month, Reuters reported lenders IDFC First Bank, Yes Bank and Indian Bank had put their loans to SpiceJet in the high-risk category. The airline rejected the claims. In July, India's aviation regulator had ordered SpiceJet to slash its approved fleet to 50% this summer for eight weeks citing safety snags and said it would subject the airline to "enhanced surveillance". SpiceJet's managing director, Ajay Singh, said despite "the complex operating environment and highest ever input costs", the airline had been able to sustain its operations and would soon engage investment banks to raise up to $200m.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2022-09-02/unaligned/indias-spicejet-shares-fall-nearly-15-on-bigger-quarterly-loss
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India's SpiceJet shares fall nearly 15% on bigger quarterly loss
Shares of India's SpiceJet tumbled nearly 15% on Thursday to a one-month low, after the low-cost carrier posted a bigger quarterly loss due to higher fuel costs and unfavourable foreign currency rates, and said its finance chief had resigned. SpiceJet on Wednesday reported a net loss of 7.84b rupees ($98.50m) for the quarter ended June 30, compared with a loss of 7.31b rupees a year earlier. The cash-strapped airline has recently struggled to make timely payments to vendors and lessors, prompting some to deregister planes. Last month, Reuters reported lenders IDFC First Bank, Yes Bank and Indian Bank had put their loans to SpiceJet in the high-risk category. The airline rejected the claims. In July, India's aviation regulator had ordered SpiceJet to slash its approved fleet to 50% this summer for eight weeks citing safety snags and said it would subject the airline to "enhanced surveillance". SpiceJet's managing director, Ajay Singh, said despite "the complex operating environment and highest ever input costs", the airline had been able to sustain its operations and would soon engage investment banks to raise up to $200m.<br/>
