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National carrier Air India incurred a loss of over Rs 5,552.44 crore (Rs 55.52 billion) during the 2009-10 fiscal, the government said on Wednesday.

"Further, Group of Ministers (GoM) has been constituted by the government to review the operational and financial performance of Air India from time to time and preparation of turn around plan," the minister said.

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Kingfisher Airlines saw a loss of Rs 1,239.30 crore (Rs 12.39 billion).

It has the second largest market share in India at 19.8 per cent.

Kingfisher is planning to convert some of its aircraft being used in the short-haul domestic sectors into all-economy configuration.

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Jet Airways lost Rs 467.60 crore (Rs 4.67 billion) during 2009-10 respectively in the said fiscal, Minister of Civil Aviation Vayalar Ravi said in a written reply.

Jet Airways and JetLite has a market share of 25.5 per cent.

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Private airline operator GoAir incurred a loss of Rs 65.50 crore (Rs 655 million) in the period.

GoAir has a market share of 6.1 per cent.

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Low cost carrier IndiGo made the maximum profit of Rs 484.70 crore (Rs 4.84 billion) in 2009-2010.

IndiGo has a market share of 19.6 per cent.

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SpiceJet saw its net profit rise to Rs 67 crore (Rs 670 million).

Its market share stands at 14 per cent.

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Jet Airways subsidiary JetLite reported a profit of Rs 46.20 crore (Rs 462 million).