Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

SpiceJet Declines After Report Chief Executive Mills Resigned

July 24 (Bloomberg) -- SpiceJet Ltd., 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., 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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.