On Wednesday, SpiceJet Company reported a net loss of 7.84 billion rupees, i.e. $98.50 million, for the quarter that ended June 30. A year earlier, if we compare, a loss of 7.31 billion rupees was incurred.

Shares of India’sIndia’s SpiceJet Limited plummeted approximately 15% as of Thursday to a one-month low. This occurred just after the low-cost carrier dispatched a bigger quarterly loss due to inflation in fuel costs and unfavourable foreign currency rates. It also said that the Chief Finance Officer had resigned, which resulted in widening losses. The cash-strapped airline has just set up to make timely payments to vendors and lessors to prompt deregister planes.

Last month, it was reported that the Reuters lenders, i.e. IDFC First Bank, Yes Bank and Indian Bank, had invested their loans to SpiceJet in the high-risk investment category, but later the airline rejected the claims. In July, India’sIndia’s aviation regulator had claimed SpiceJet to lower its approved fleet to 50% this summer for eight weeks, citing safety snags. Besides, it also said that it would subject the airline to “Enhanced Surveillance”.

SpiceJet’sSpiceJet’s Managing Director, Ajay Singh, said despite “the complex operating environment and highest ever input costs”, the airline is able to endure its operations, thus soon engaging investment banks to raise up to $200 million. SpiceJet shares that have fallen more than 36% this year have posted their huge Intra-day percentage drop since October 2021 on Thursday.