Flyers faced a double blow as air fares on Air India flights out of Delhi and those of SpiceJet soared past Rs 1 lakh one-way on some routes, and even those showed 'sold out' despite the airlines adding capacity.
Though the airline got an additional time to clear airport charges, it was reportedly denied fuel across major airports like Delhi, Mumbai and Hyderabad, leading to several flight cancellations and delays, said a Financial Express report.
The airline pitches its product and service, keeps silent about price in a new campaign as it looks to win over young business travelers.
There could be rejig at top level at SpiceJet.
No-frills airline SpiceJet on Wednesday launched yet another round of limited-period low fare offers to fill its seats for travel between July and September when air travel generally slumps.
SpiceJet COO says ATF price cut is need of the hour.
CCI's ruling came on a complaint filed by Express Industry Council of India.
While fares on the Delhi-Mumbai route have risen 45 per cent, Delhi-Bengaluru and Mumbai-Bengaluru tickets are priced 57 per cent and 42.5 per cent higher, respectively.
This is also the highest ever profit recorded by the carrier, which was facing turbulent times a year ago.
The airline dropped fares to gain customer load, but failed to cover the cost of its flights
In an email, a SpiceJet spokesperson said: "A few foreign airlines/investors have evinced interest in SpiceJet. It will be very premature to comment on the possibilities of any fresh equity issuance to such interested parties."
Sun Group chief Kalanithi Maran and his wife Kavery Maran have resigned from one of the promoter entities of SpiceJet, triggering speculations about a possible sale of Maran family's majority stake in the air carrier.
The airline's board decides to issue warrants to promoters on a preferential basis
SpiceJet has held "preliminary discussions" with a Gulf airline for potential investment in the Indian budget carrier, a news report has said.
No-frills carrier SpiceJet is in active discussions with Singapore-based budget carrier Tigerair for a possible stake sale even as they are set to sign a code share agreement soon.
Qatar Airways might infuse $200 million in debt and equity in SpiceJet.
Wadia Group-owned Go First Airways' (Go First) insolvency plea could trigger a 'momentum rally' in shares of rival airlines, Interglobe Aviation (parent company of IndiGo) and SpiceJet, as they look to gain bankrupt airline's market share, said analysts. On the bourses, shares of InterGlobe Aviation hit a 52-week high of Rs 2,235.95, surging 8 per cent on the BSE in Wednesday's intra-day trade, before settling 4.5 per cent higher at Rs 2,164 apiece. Those of SpiceJet and Jet Airways, meanwhile, rallied up to 6 per cent in the intra-day trade, and ended 1 per cent and 5 per cent higher, respectively, following the development, which was announced post market hours on Tuesday.
Despite the gains from Jet's closure, in 2018 and 2019, the airline continued to make losses in many quarters for a variety of reasons, including some mistakes like taking on Jet's aircraft, which were not in great shape and had business class configuration, a gamble that did not work for SpiceJet.
Kalanithi Maran's stake in the no-frills airline has increased by nearly 6 per cent to 22.05 per cent due to allotment of equity shares following conversion of convertible debentures.
The aviation authority is concerned about financial health of Air India, Spicejet and Jet Airways.
India is not an easy environment to operate in and grow because of the high cost of operations, says Neil Mills.
The airline had reported a net loss of Rs 321.5 crore or Rs 3.21 billion in the same period a year ago.
Civil Aviation Minister Ajit Singh inaugurated the 5-day long event.
He said the ministry was looking forward to suggestions from the state governments and discussions were underway with all the stakeholders to arrive at a policy which would bring back growth in the aviation sector.
The government has suspended its directive requiring airlines to offer at least 60% of seats on flights without additional charges, following industry concerns about the impact on fares and pricing structures.
A look at the Kalanithi Maran-controlled airline's place in the domestic aviation sector
The technician was carrying out maintenance on the landing gear of the Bombardier Q400 plane when the landing door accidentally got closed.
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The airline, which posted an annual loss of Rs 191 crore (Rs 1.91 billion) for the past financial year, has been looking to raise funds for months.
Shares of SpiceJet on Wednesday rose by over 19 per cent even as aviation regulator asked the no-frills carrier to immediately stop its offer of one-rupee fares across its domestic network.
Latter's market share rises to 36.1% in Dec; best on-time performance across metro airports
Key shareholders of low-cost airline SpiceJet have rejected an offer by the Reliance ADA Group to pick up a 51 per cent stake in the airline for Rs 40-45 per share. The offer was made last week.
The market, however, reacted negatively to SpiceJet's announcement and the company's stock dropped by 0.87 per cent as analysts became wary of diversion into a new business during a high fuel price environment.
SpiceJet is planning to raise a total of $100 million for fleet expansion by the end of the current financial year, according to Siddhant Sharma, CEO of the Delhi-based budget carrier. Sharma's comments come just a day after the UK-based promoter-director of SpiceJet said he was willing to divest his 12.91 per cent stake in the airline if he got the right valuation.
Sources aware of the development said as part of the project, the airline had signed an agreement with Reliance Industries Ltd, which would extend quality control services at its coastal terminals for ATF imported by the airline.
In a fresh trouble for the budget carrier SpiceJet, aircraft lessors have approached the aviation regulator DGCA, seeking its permission to repossess 11 Boeing planes of the airline, even as its revival plan is under review of the Civil Aviation Ministry.
The plane can fly non-stop to Singapore, Doha (Qatar), Kuwait, Abu Dhabi (UAE), Riyadh (Saudi Arabia), Kuala Lumpur (Malaysia), Tehran (Iran), Salalah (Oman) and Kunming (China), among other destinations, from various Indian airports.
SpiceJet in a statement said that there is no default in payment to AAI since January this year.
The airline management has now sought a meeting with civil aviation minister Ashok Gajapathi Raju to present the airline's plan.
Minority investors of SpiceJet might be feeling cold-shouldered.
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