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SpiceJet Declines After Report Chief Executive Mills Resigned

SpiceJet Ltd. (SJET), India’s only listed budget carrier, declined to its lowest level in almost a month in Mumbai trading after newspapers reported Chief Executive Officer Neil Mills resigned.

The carrier, controlled by billionaire Kalanithi Maran, fell as much as 3.3 percent to 26.50 rupees, poised for its lowest price since June 27. The shares dropped 2.4 percent to 26.75 rupees as of 10:07 a.m. The benchmark S&P BSE Sensex slid 0.4 percent.

Mills, who joined SpiceJet in October 2010, is attending office as he’s waiting to be relieved, the Times of India newspaper reported without saying where it got the information. The carrier will not comment on “market rumors,” spokeswoman Priti Dey said by phone from New Delhi yesterday when asked about the CEO’s resignation. Mills didn’t respond to calls made to his mobile phone today and yesterday.

In June, Nikos Kardassis resigned as CEO of Jet Airways (India) Ltd. (JETIN), the nation’s biggest publicly-traded carrier. Indian airlines have been trying to attract funds from foreign carriers after the government eased ownership rules.

Jet Airways in April agreed to sell a stake to Etihad Airways PJSC. Mills had previously said SpiceJet was looking for investments.

To contact the reporter on this story: Karthikeyan Sundaram in New Delhi at kmeenakshisu@bloomberg.net

To contact the editor responsible for this story: Vipin V. Nair at vnair12@bloomberg.net

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