SpiceJet’s two senior executives resign, stock falls
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SpiceJet: SpiceJet, a company providing cheap flights in India, has suffered a major setback. It is being told that many members of the commercial team of the airline, which is facing financial crunch, have resigned with immediate effect. According to the report, the airline’s Chief Commercial Officer Shilpa Bhatia and Chief Operating Officer Arun Kashyap have resigned. An airline spokesperson said in a statement on Tuesday that as part of the strategic restructuring of SpiceJet, several members of the commercial team, including the Chief Commercial Officer, have resigned with immediate effect. He said that with the recent capital raising, the company is speeding up the process of resolving all the past disputes and there is a significant increase in revenue and passenger numbers. However, it is being told that both the officers are still in the notice period which is ending on March 31. Let us tell you that recently the company has received funds of about Rs 1000 crore. The company is currently in the restructuring phase. The company had shown the way out to about 800 employees in the name of cost cutting.
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Share prices fell drastically
Company stocks fell after the news of resignation of two senior officials of the airline company. At 12.17 pm, the company’s shares fell by 6.98 percent i.e. Rs 4.23 and were trading at Rs 56.35. Whereas, during trading at 11.10 am, the price had fallen by 7.20 percent to Rs 56.22. In the last 10 days, the company’s stock has seen a decline of about 10.91 percent. At the same time, investors have suffered a huge loss of 13.75 percent in one month. However, investors of the company are still making 39.31 percent profit on six month basis and 63.52 percent profit on annual basis.
COO Arun Kashyap left the company last month
SpiceJet COO Arun Kashyap had left the job last month. After this, he joined Air India as Chief Transformation Officer. However, within about a year, he again left Air India and came back to SpiceJet. He has also worked in Jet Airways and Oman Air.
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