SpiceJet shares plunge after Chief Commercial Officer, several other commercial team members leave airline

SpiceJet share price, SpiceJet latest news: SpiceJet shares suffered sharp losses on Tuesday after the private sector airline said its chief commercial officer had left the company along with several members of its commercial team as part of strategic restructuring. The SpiceJet stock fell by Rs 5.4, or 8.9 per cent, to end at Rs 55.2 apiece on BSE, its worst intraday fall since May 23, 2023.

"As part of SpiceJet’s strategic restructuring, several members of the commercial team including the Chief Commercial Officer have left the company with immediate effect. The Company continues to see significant growth in revenue and load factor," a SpiceJet spokesperson said. 

"With the recent fund-raise, SpiceJet has speeded up the process of resolution of all past disputes. The Company looks forward to adding capacity, growing rapidly and continuing to play a large role in the Indian aviation sector," the spokesperson added. 

SpiceJet has been resolving disputes with lessors, leading to significant savings for the airline, after raising funds over multiple rounds in the recent past. 

Last week, SpiceJet said that settlements of disputes with Echelon Ireland Madison One, Cross Ocean Partners and Celestial Aviation had led to savings to the tune of Rs 685 crore. 

As of February 22, the airline had raised Rs 1,060 crore through capital infusion, reaffirming investor confidence in its growth prospects and strengthening its financial position, according to a regulator filing. 

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