India’s SpiceJet falls nearly 15% on bigger quarterly loss

posted on 1st September 2022 by Eddie Saunders
India's SpiceJet falls nearly 15% on bigger quarterly loss

Nishit NavinReuters News

Shares of India’s SpiceJet Ltd fell as much as 14.7% on Thursday, after the low-cost carrier posted a bigger loss due to high fuel costs and unfavourable foreign currency rates, and said its chief financial officer had resigned.

SpiceJet posted a net loss of 7.84 billion rupees ($98.50 million) for the quarter ended June 30, compared with a loss of 7.31 billion rupees a year earlier.

Recently, the cash-strapped airline has struggled to make timely payments to vendors and lessors, prompting some to deregister planes. ($1 = 79.5950 Indian rupees) (Reporting by Nishit Navin in Bengaluru; Editing by Subhranshu Sahu)