SpiceJet saga: Loss widens, salaries delayed, CFO resigns

Domestic low-cost carrier SpiceJet is facing extreme turbulence and this time in it's boardroom and balance sheet. The airline reported a loss of Rs 789 crore for the quarter ended June 30 and also informed exchanges that its CFO Sanjeev Taneja had resigned.

This is the second straight quarter of rising losses and reports now flooding social media that the airline has also delayed salaries for the second consecutive month, despite the company's claim that the payments were being made in a "graded format."

ET reported that the payment of salaries to staff, including flight crew, for the month of July was delayed, eand many still had not received Form 16 for the fiscal years 2021–2022
Ajay Singh, Chairman and Managing Director, SpiceJet, commenting on just the loss said, “The industry has been witness to one of the most severe operating environment in the recent past which impacted the progress and recovery made in Q3FY2022. Record high ATF prices and depreciating Rupee were the major contributors."

The carrier which has been hit by multiple 'technical snags' also faced a cyber attack which delayed its results this quarter.

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