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Mid-Air Malfunctions Come on Top of SpiceJet’s Financial Woes

  • Airline has had multiple technical snags, denting confidence
  • Chairman Ajay Singh rescued the carrier from collapse in 2015
A SpiceJet aircraft lands at Chhatrapati Shivaji Maharaj International Airport in Mumbai, India.

A SpiceJet aircraft lands at Chhatrapati Shivaji Maharaj International Airport in Mumbai, India.

Photographer: Dhiraj Singh/Bloomberg

SpiceJet Ltd. staged one of global aviation’s most remarkable turnarounds in 2015 after founder Ajay Singh swept in at the eleventh hour to rescue it. Less than a decade later, the Indian budget airline needs a revival of fortunes again.

Once an investor darling, SpiceJet is now the worst-performing airline stock in Asia, fighting a run of negative publicity triggered by a slew of seemingly innocuous but frequent technical glitches. The airline also hasn’t restored pilot salaries even after a surge in domestic demand and has delayed releasing quarterly results for the three months ended March citing a ransomware attack on its servers. It’s reportedly fallen behind on statutory dues, too.