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Monday, April 15, 2024

SpiceJet Stock Falls 9% As COO and CCO Resign Amid “Restructuring”

<p>In early trading on Tuesday, shares of low-cost airline SpiceJet dropped 9.8% to Rs 54.60 per share on the BSE after a report that two top executives had submitted their resignations.</p>
<p><img decoding=”async” class=”alignnone wp-image-501253″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-spicejet-stock-falls-9-as-coo-and-cco-resign-amid-restructuring-news1777-2-2024-03.jpg” alt=”theindiaprint.com spicejet stock falls 9 as coo and cco resign amid restructuring news1777 2 2024 03″ width=”978″ height=”733″ title=”SpiceJet Stock Falls 9% As COO and CCO Resign Amid "Restructuring" 15″></p>
<p>Following rumors that Chief Operating Officer (COO) Arun Kashyap and Chief Commercial Officer (CCO) Shilpa Bhatia had submitted their resignations, this has happened.</p>
<p>The management of SpiceJet responded to this event by stating that it was a component of the company’s strategic reorganization and that the load factor and revenue growth are still substantial.</p>
<p>SpiceJet has expedited the settlement of all previous issues as a result of its most recent fundraising campaign. The company anticipates expanding quickly, boosting capacity, and keeping up its significant presence in the Indian aviation industry,” they said.</p>
<p>In the last month, the airline operator’s stock has dropped 13% while the benchmark Sensex has increased by 3%. Prior to this, on February 5, 2024, SpiceJet shares had reached a 52-week high of Rs 77 per share.</p>
<p>SpiceJet has settled its legal challenges with Celestial Aviation, Cross Ocean Partners, and Echelon Ireland Madison One Ltd.</p>
<p>SpiceJet’s chairman and managing director, Ajay Singh, said, “This settlement not only underscores our commitment to financial prudence but also enables us to further fortify our fleet with the acquisition of two airframes.”</p>
<p>In addition, the airline saved Rs 235 crore after settling a $29.9 million (Rs 250 crore) lawsuit with Celestial Aviation on February 28. Its disagreement with Cross Ocean Partners, which is valued at around $11.2 million or Rs 93 crore, also resulted in the free acquisition of an engine and airframe. This also put an end to the airlines’ protracted and costly legal battles.</p>

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