Financial condition of this airline worsened, 1400 employees laid off

By Sudhakar Yadav February 12, 2024 11:33 AM IST
SpiceJet- India TV Paisa
Photo:file spicejet

SpiceJet, one of the country’s largest airlines, has laid off 1400 employees. This is about 15 percent of the company’s total workforce. This step by the company is to attract investors amid the financial crisis. According to the information, the budget airline has around 9000 employees, who operate 30 airports. Out of these, 8 aircraft are taken on lease by the company from foreign airlines along with crew and pilots.

Steps taken to reduce costs

It was reported in the Economic Times that this cut has been made by the company as per the operational needs. The airline is currently paying a salary of Rs 60 crore per month. Earlier, some media reports had claimed that SpiceJet was delaying the payment of salaries for the last several months. Let us tell you, Spice Jet is working on a plan to raise funds of Rs 2200 crore from investors.

The company is preparing to emerge

On behalf of the airline, it was said that all the plans of the company to raise funds are on track and information about it will be given soon. At its peak in 2019, SpiceJet had a fleet of 118 planes and a staff of more than 16,000. Currently, Akasa Airline is the closest competitor of SpiceJet.

decline in company shares

SpiceJet’s shares witnessed a decline in Monday’s trading session. The stock was trading at Rs 65.59 per share, down 4 per cent at 11 am on the NSE. The company’s shares touched a low of Rs 65.05 and a high of Rs 68.97 in today’s session.

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