Spicejet Share Price Falls After the Resignation of Two Senior Executives

Spicejet Share Price after the announcement of strategic restructuring, number of SpiceJet employees, including Chief Commercial Officer, have departed airline, according to spokeswoman for company. A SpiceJet representative said, "Several members of commercial team, including Chief Commercial Officer, have left company as part of SpiceJet's strategic restructuring."

In succinct statement on Tuesday, representative stated that company's income & load factors are still growing significantly.

SpiceJet has expedited resolution of all previous issues as result of most recent fundraising campaign. Statement from spokesman said, " Company looks forward to adding capacity, growing rapidly, & continuing to play large role in Indian aviation sector."

Through preferential offer, SpiceJet has raised funds worth ₹ 1,060 cr from significant investors, including Aries Opportunities Fund Limited & Elara India Opportunities Fund Limited. These monies will be used in part to pay off previous debts.

According to reports, airline intends to sell warrants & shares for ₹ 22.50 bn in order to raise money. SpiceJet, which has been dealing with number of challenges, believes that money that has been received will be crucial in supporting plans for operational development, such as improving fleet, adding new routes to network, & advancing technology.

Low-cost carrier SpiceJet plans to fire at least 1,000 workers as part of its most recent action, which aims to save around ₹ 100 cr annually. In addition to guaranteeing profitable growth, SpiceJet representative revealed on Feb 13^th  that airline was rationalizing its workforce as part of cost-cutting plan. Launched in 2005, airline now employs over 9,000 people & operates 30 aircraft, 10 of which are wet-leased. Airline employed about 15,000 people & operated fleet of 118 aircraft in year before to epidemic.

A considerable improvement over net loss of ₹ 835 crore in Q2-FY23 was made by airline, which saw its net loss drop to ₹ 428 crore in Q2-FY24.About 250 flights per day are operated by SpiceJet to 48 locations in India & beyond. A variety of aircraft, including Boeing 737 Max, Boeing 700, & Q400s, are part of its fleet. (ANI)