Deepening financial crunch takes a toll on SpiceJet's ops

SpiceJet is currently operating only 60% of its fleet, which in numbers is about 40 aircraft

- Anu Sharma

• 13% Y-o-y fall in int'l passenger traffic for SpiceJet in Q2
• 58.1% On-time performance of SpiceJet in October

Facing a long-drawn, severe funds crunch, low-cost carrier SpiceJet is currently operating only 60% of its fleet or about 40 aircraft, data from aircraft tracking website Flightradar24 showed.

An unidentified Mumbai-based businessman is interested in investing ₹1,000-1,200 crore in the airline, but firm plans are awaited, a person aware of the matter said on the condition of anonymity. If the deal works out, it would provide some succor to the harrowed airline.

Meanwhile, the company's board is yet to announce earnings for the July-September 2023 quarter.

The board meeting to consider the earnings has been postponed to 11 December (from 8 December). The board is also expected to discuss proposals for raising fresh capital through the issue of equity shares and/or convertible securities.