SPICEJET

By Abhijith Ganapavaram and Aditya Kalra

NEW DELHI, March 20 (Reuters) - An airlines group representing IndiGo INGL.NS, Air India and SpiceJet SPJT.BO has warned the Indian government of route withdrawals and delayed fleet and network expansions if fare caps imposed in December are not revoked, a letter shows.

The letter highlights growing financial pain in the world's fastest-growing market where, even before the Iran crisis, airlines were hit hard by a Pakistani airspace ban for international operations due to diplomatic tensions.

In December, widespread aviation disruptions due to mass flight cancellations by IndiGo over operational issues prompted authorities to cap airfares depending on the distance, with the maximum being 18,000 rupees ($192.04) for a one-way journey.

The crisis has since eased, but caps remain in place without any timeline. Indian airlines are incurring "huge" revenue losses and face higher operational costs in part because of a jump in jet fuel prices due to the Iran war, the Federation of Indian Airlines said in a private letter to the government on March 12, seen by Reuters.

CURRENT SITUATION MAY THREATEN VIABILITY

"If the current situation continues, airlines will face severe financial losses, pushing several operators closer to unsustainable financial conditions and potentially threatening their continued viability," the March 12 letter, which was not made public, said.

The civil aviation ministry and the FIA did not respond to requests for comment. IndiGo and Air India, which control more than 90% of India's domestic market, did not respond. A spokesperson for SpiceJet also did not respond to a request for comment.

A $1 per barrel change in fuel prices could impact IndiGo's full-year fuel bill by about 3 billion rupees, HSBC analysts have said. Jet fuel prices have risen sharply in recent days due to the Middle East war.

IndiGo and Air India are also flying longer routes to reach Europe and North America owing to airspace restrictions.

In a separate letter sent on Thursday, the FIA also urged the government to withdraw a directive mandating that a minimum 60% of seats on any flight be made available without additional charges for seat selection, saying it could lead to higher fares.

($1 = 93.7320 Indian rupees)

(Reporting by Abhijith Ganapavaram; Editing by Pooja Desai)

((Email: Abhijith.G@thomsonreuters.com; Mobile: +91-9019785574;))

March 10 (Reuters) -

• INDIA AVIATION REGULATOR: SEEKS COMMENTS ON PROPOSED REVISION TO RULES FOR FOREIGN AIRLINES OPERATING UNDER BILATERAL AIR SERVICE AGREEMENTS

• INDIA AVIATION REGULATOR: PROPOSES FOREIGN AIRLINES HAVE A LOCAL REPRESENTATIVE WHO IS AN INDIAN NATIONAL OR LEGAL ENTITY REGISTERED IN INDIA

• INDIA AVIATION REGULATOR: FOREIGN AIRLINES' LOCAL REPRESENTATIVE SHOULD BE WELL CONVERSANT WITH APPLICABLE INDIAN LAWS

• INDIA AVIATION REGULATOR: PROPOSES FOREIGN AIRLINES MAINTAIN PASSENGER GRIEVANCE REDRESSAL SYSTEM

• INDIA AVIATION REGULATOR: PROPOSES FOREIGN AIRLINES FILE FLIGHT SCHEDULES AT LEAST 30 DAYS BEFORE STARTING SERVICES

Source text: https://www.dgca.gov.in/digigov-portal/Upload?flag=iframeAttachView&attachId=FIIfdRHCF294zxK08tAjcg%3D%3D&baseLocale=en_US

Further company coverage: INGL.NS

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** Shares of Indian carriers IndiGo INGL.NS and SpiceJet SPJT.BO drop 7.5% and 5.6%, respectively

** Oil prices surged about 20% on Monday, hitting their highest since July 2022, as the widening U.S.-Israeli war with Iran propelled crude prices to their highest in almost four years O/R

** Brent crude futures LCOc1 rose as much as $18.35, or 19.8%, to $111.04 a barrel and were up $15.24, or 16.4%, at $107.93 as of 0014 GMT on Monday

** Higher crude prices impact airlines as it is the key component of jet fuel

** YTD, INGL down about 13% vs SPJT's 53% slump

(Reporting by Yagnoseni Das in Bengaluru)

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March 5 (Reuters) - SpiceJet Ltd SPJT.BO:

• TO OPERATE 13 SPECIAL FLIGHTS FROM UAE ON MARCH 5 TO BRING STRANDED INDIANS HOME

Further company coverage: SPJT.BO

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March 4 (Reuters) - Spicejet Ltd SPJT.BO:

• SPICEJET LTD - CANCELS 28 FLIGHTS BETWEEN INDIA AND UAE DUE TO AIRSPACE RESTRICTIONS

Further company coverage: SPJT.BO

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March 3 (Reuters) - Spicejet Ltd SPJT.BO:

• SPICEJET - TO OPERATE FOUR SPECIAL FLIGHTS FROM UAE ON MARCH 3 TO BRING STRANDED INDIANS HOME

• SPICEJET - TO ALSO RESTORE SCHEDULED FLIGHTS BETWEEN FUJAIRAH-DELHI AND FUJAIRAH-MUMBAI STARTING MARCH 4

Further company coverage: SPJT.BO

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** Shares of Indian carriers IndiGo INGL.NS and SpiceJet SPJT.BO drop 4% and 4.7%, respectively

** Middle East conflict pushes crude prices higher, with Brent crude futures climbing to about $82.40 a barrel, their highest in 14 months O/R

** Higher crude prices impact airlines as it is the key component of jet fuel

** YTD, INGL down 8.3% vs SPJT's 48.4% slump

(Reporting by Kashish Tandon in Bengaluru)

((Kashish.tandon@thomsonreuters.com))

Feb 27 (Reuters) - Spicejet Ltd SPJT.BO:

• SPICEJET - ASSURE ALL STAKEHOLDERS THAT SUPREME COURT ORDER HAS NO IMPACT ON DAY-TO-DAY OPERATIONS

• SPICEJET - COMPANY IS EXAMINING THE ORDER AND WILL COMPLY WITH ALL COURT DIRECTIONS

• SPICEJET: CONFIDENT OF RECEIVING POTENTIAL REFUND OF 4.49 BLN RUPEES AFTER LEGAL PROCESS

Further company coverage: SPJT.BO

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** SpiceJet SPJT.BO slips 10% to hit lower limit of exchange-mandated trading band of 12.88 rupees

** Stock set to fall for seventh straight session, losing over a quarter of its value during the spree

** SPJT dropped 9.7% on Tuesday after its Delhi-Leh flight returned to Delhi on experiencing technical issue

** According to a source quoted by PTI, flight returned due to engine issue

** Trading vols at record high of 189.7 mln shares, more than 16x the 30-day average

** RSI drops to 7.3, suggesting stock might be oversold, per data compiled by LSEG

** SPJT down 56.7% YTD

(Reporting by Vijay Malkar)

((VijayDattaram.Malkar@thomsonreuters.com;))

** Shares of SpiceJet SPJT.BO fall as much as 8.5% to 14.51 rupees, the lowest level since December 2014

** Stock last down 7.6%, set to fall for sixth straight session

** The airline's spokesperson said the flight operating from Delhi to Leh on February 24 returned to Delhi after experiencing a technical issue

** The Boeing 737 flight carrying 150 passengers returned to Delhi due to an engine issue, news agency PTI reported, citing a source

** Trading vols at 15.8 million shares so far, 1.4x the 30-day average

** SPJT's RSI falls to 8.9, suggesting the stock might be oversold - according to data compiled by LSEG

** SPJT fell ~51% YTD vs 46.3% drop in 2025

(Reporting by Vijay Malkar)

((VijayDattaram.Malkar@thomsonreuters.com;))

Feb 19 (Reuters) - SpiceJet Ltd SPJT.BO:

• RECEIVES MOU FOR 10 AIRCRAFT; CAPACITY SET TO MORE THAN DOUBLE THIS YEAR

Further company coverage: SPJT.BO

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** Shares of SpiceJet SPJT.BO down 2.7% to 19.87 rupees, set to fall for third straight session

** Airline posts loss of 2.69 bln rupees ($29.7 mln) in Q3 vs profit of 249.7 mln rupees year ago

** Q3 total revenue up 12.4% Y/Y at 13.84 bln rupees

** SPJT fell 46% in 2025

($1 = 90.7370 Indian rupees)

(Reporting by Vijay Malkar)

((VijayDattaram.Malkar@thomsonreuters.com;))

Feb 12 (Reuters) - Spicejet Ltd SPJT.BO:

• SPICEJET Q3 LOSS 2.69 BILLION RUPEES

• SPICEJET Q3 TOTAL REVENUE FROM OPERATIONS 13.84 BILLION RUPEES

• SPICEJET LTD ONE-TIME CHARGE OF 185.62 MILLION RUPEES IN Q3 DUE TO NEW LABOUR CODES

Source text: ID:nnAZN4SGDQA

Further company coverage: SPJT.BO

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By Aditya Kalra

NEW DELHI, Jan 7 (Reuters) - India's government has asked IndiGo INGL.NS, Air India, SpiceJet SPJT.BO and Akasa to provide data on average fares charged, a document shows, as antitrust authorities investigate unprecedented travel disruptions in December.

Pilot shortages at IndiGo INGL.NS, which dominates India's aviation market with a 65% share, forced it to cancel about 4,500 flights last month, stranding thousands of passengers and disrupting air travel nationwide.

Fares of certain airlines surged during the crisis, prompting the government to impose temporary caps.

India's competition regulator, the CCI in December said it was proceeding against IndiGo to assess whether it had abused its market position. IndiGo has not commented on the case.

REQUEST IS FOR AVERAGE FARES DECEMBER 1-15

India's Directorate General of Civil Aviation, which oversees safety, has written to airlines asking for average fares on each route they operated on, for economy and premium economy seats, over the period December 1-15, according to a Reuters review of a January 1 government email to IndiGo, Air India, Air India Express, SpiceJet and Akasa.

The CCI and the civil aviation authority did not respond to Reuters queries on the private email. Akasa declined to comment, while other airlines did not respond.

A government source, asking not to be named because they were not authorised to speak publicly, said the details have been sought at the request of the CCI as they could help it to assess airfare patterns across airlines during the disruptions.

The government email also asked airlines to provide "fare data on affected routes" during the disruptions, the email said.

There is no indication the case is being broadened to scrutinise other airlines.

One complaint being reviewed by the CCI accuses IndiGo of cancelling flights and then offering seats at much higher prices, amounting to abuse of its dominant market position, Reuters has previously reported.

(Reporting by Aditya Kalra; editing by Barbara Lewis)

((Email: aditya.kalra@tr.com; X: @adityakalra;))

** Shares of Indian airline SpiceJet SPJT.BO rise 2% to 30 rupees

** Budget carrier's market share improved month-on-month to 3.7% in November vs 2.6% in October, official data shows

** Bigger rival IndiGo's INGL.NS market share fell m/m to 63.6% in November vs 65.6% in October

** On the day, INGL shares down 1.5% to 5,008 rupees

** On average, SPJT shares rated "hold" while INGL rated "buy" - LSEG data

** YTD, SPJT stock has shed 45% while INGL has risen 10%

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

Nov 12 (Reuters) - Spicejet Ltd SPJT.BO:

• Q2 LOSS 6.34 BILLION RUPEES

• Q2 TOTAL REVENUE FROM OPERATIONS 7.81 BILLION RUPEES

Source text: ID:nBSE4dBZJY

Further company coverage: SPJT.BO

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** Shares of SpiceJet SPJT.BO rise as much as 6.28% to 40.59 rupees, its highest since July 24

** Airline says it will operate 250 daily flights this winter, which is double its summer schedule

** Stock rated "hold" on average by 4 analysts; median PT at 39 rupees - data compiled LSEG

** Rival IndiGo's parent Interglobe Aviation INGL.NS rated as "buy" on average by 22 analysts; median PT at 6,575 rupees - data compiled by LSEG

**YTD, SPJT down nearly 29% vs INGL's nearly 29% rise

(Reporting by Mridula Kumar)

((mridula.kumar@thomsonreuters.com))

By Abhijith Ganapavaram

NEW DELHI, Oct 1 (Reuters) - India's aviation regulator has proposed removing the mandate that airlines can only take planes on lease with crew in emergencies, draft regulations show, in a move that could make it easier for carriers to tide over any aircraft shortages.

The proposed rules could help airlines like India's biggest carrier IndiGo INGL.NS which has taken two planes with crew on so-called wet lease from Turkish Airlines, allowing it to offer connectivity with flights to Europe and the United States.

The partnership has irked rival Air India, which unsuccessfully lobbied the Indian government to block it, arguing it gives more air traffic to Turkey and hurts India's aviation sector.

The Directorate General of Civil Aviation (DGCA) regulations had permitted airlines to enter such leases only in emergency situations, such as unexpected grounding of aircraft.

The new draft proposal replaces the word "only" with "normally", making processing of such requests potentially easier, lawyers said.

"This added flexibility could play a crucial role in easing capacity constraints, especially in light of the limited availability of larger aircraft," said Lovejeet Singh, a partner at law firm Chandhiok & Mahajan and specialist in aviation laws.

The proposal was posted on DGCA's website earlier this week but has not previously been reported. It is open for public consultations until October 28.

The DGCA and IndiGo did not respond to Reuters queries on the planned changes in regulations.

IndiGo's Turkish partnership has faced criticism in India in recent months after Turkey came out in support of Pakistan during the recent India-Pakistan conflict.

While India's government first said it wouldn't extend that lease, it changed course in August without giving a reason to let IndiGo continue.

The current DGCA regulations mandate airlines to only lease aircraft from countries where the average industry safety score is above 80%, but the new draft rules said the watchdog can exempt that requirement on a one-time basis.

(Reporting by Abhijith Ganapavaram; Editing by Aditya Kalra; Editing by Ros Russell)

((Email: Abhijith.G@thomsonreuters.com; Mobile: +91-9019785574;))

** Shares of SpiceJet SPJT.BO rise 3.4% to 34.13 rupees

** Low-cost carrier secures $89.5 million settlement from commercial aviation investment and servicing unit of Carlyle CG.O

** Under the deal, Carlyle will restructure $121.2 million in lease dues in exchange for $50 million in SPJT shares, with any extra proceeds from share sales used to reduce future lease obligations

** Significantly enhances airline's liquidity - SPJT

** Earlier, stock surges from rise of 1.5% to 5% on news

** Last year, SPJT said it will convert about $97 million dues to Carlyle Aviation into equity, debentures

** Stock down about 39% YTD

(Reporting by Urvi Dugar)

((UrviManoj.Dugar@thomsonreuters.com))

Adds details of results from paragraph 5, background throughout

Sept 5 (Reuters) - Indian budget airline SpiceJet SPJT.BO posted its second consecutive loss in the June quarter, as leisure travel demand on some routes slumped during the worst India-Pakistan fighting in decades.

The troubled airline reported a loss of 2.35 billion rupees ($26.6 million) in the April-June period, compared to a profit of 1.5 billion rupees a year before.

Ties between India and Pakistan worsened after an April attack in Kashmir that New Delhi blamed on Islamabad, prompting airport closures in northwest India and a shutdown of Pakistani airspace to Indian carriers. Pakistan has denied any involvement.

Quarterly revenue fell about 35% to 11.06 billion rupees.

SpiceJet also said a delay in returning its grounded aircraft to service added to its woes.

The carrier has signed multiple settlement agreements in recent years to resolve disputes with lessors and others but has still struggled to expand capacity.

As of March-end, it had only 25 operational aircraft, fewer than half of its 61-jet fleet.

The limited scale has allowed Akasa, one of India's youngest airlines, to overtake SpiceJet as the country's No. 3 carrier by market share, with 5.5% versus SpiceJet's 2% in the world's third-largest aviation market.

SpiceJet's net worth improved to positive 4.46 billion rupees in the first-quarter, compared to negative 23.98 billion rupees in the year-ago period, it said.

($1 = 88.2591 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Janane Venkatraman and Nivedita Bhattacharjee)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

Sept 4 (Reuters) - Spicejet Ltd SPJT.BO:

• SPICEJET LTD - SIGNS INTERLINE AGREEMENT WITH GULF AIR

• SPICEJET - PARTNERSHIP TO PROVIDE ACCESS TO GULF AIR’S NETWORK ACROSS MIDDLE EAST, AFRICA, EUROPE

Source text: [ID:]

Further company coverage: SPJT.BO

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** Spicejet SPJT.BO rises 2% to 35 rupees

** Airline finalises lease agreement for five more Boeing BA.N 737 aircraft, taking total new fleet additions to 10

** Deliveries to begin by early October

** Co in talks to lease more ahead of winter schedule

** YTD, SPJT falls 37%

(Reporting by Urvi Dugar)

((UrviManoj.Dugar@thomsonreuters.com))

NEW DELHI, Aug 11 (Reuters) - A pilot union has objected to the Indian government's call for a global code of conduct on countries hiring each other's airline staff, saying the move is contrary to international norms on employment and risks creating conditions of "bonded labour".

Reuters reported last week that India had raised concerns with the International Civil Aviation Organization, the U.N.'s aviation agency, on worries that its fast-growing aviation market was being impeded by the poaching of Indian pilots and cabin crew without adequate notice.

A booming aviation market is seen as key to supporting Prime Minister Narendra Modi's aviation goals, but India is short of experienced pilots.

Indian government rules mandate a minimum notice period of six months for pilots and a no-objection certificate from an airline for them to join a rival. Those strict rules are currently being challenged by pilot bodies in court.

In the working paper Reuters cited, India asked for the creation of a code of conduct on the movement of skilled aviation workers among ICAO's member countries. The paper didn't specify how the code of conduct would work.

In a letter sent on Friday to India civil aviation minister Ram Mohan Naidu, the head of Airline Pilots' Association of India (ALPA India) said the working paper misdiagnosed the outflow of aviation talent. ALPA India attributed the drain to factors such as poor working conditions, a lack of job security, limited career growth opportunities and an absence of standardized pay structures at airlines.

"Targeting outbound employment from India sets a dangerous precedent and is inconsistent with ICAO's principles of consensus, collaboration and international workforce mobility," ALPA India president Sam Thomas said in the letter, which was also published on the pilot union's X account. The body represents about 1,100 pilots in India.

Naidu's office was not immediately available for a comment.

Thomas urged Naidu to withdraw the working paper and call for an urgent consultative meeting with ALPA India and other stakeholders to discuss solutions to workforce challenges and prioritize reforms in working conditions and pay.

(Reporting by Abhijith Ganapavaram; Editing by Hugh Lawson)

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NEW DELHI, July 30 (Reuters) - India's aviation regulator said on Wednesday it had found 263 safety-related lapses at the country's airlines, including 23 at the largest carrier IndiGo and 51 at the second largest Air India, as part of its regular annual audit.

The audits were carried out as part of International Civil Aviation Organization requirements and global best practices, the Directorate General of Civil Aviation (DGCA) said on Wednesday, cautioning that higher number of findings are normal for airlines with bigger fleet sizes.

Reuters reported on Tuesday that DGCA had found 51 safety lapses at Air India in its July audit, including lack of adequate training for some pilots, use of unapproved simulators and a poor rostering system. The audit was not related to the deadly Boeing 787 crash last month that killed 260 people in Ahmedabad.

The DGCA said it had also found 14 deficiencies at SpiceJet and 17 at Vistara, which is now part of Air India. The regulator found 25 lapses at Air India Express, Air India's budget carrier. Akasa Air is yet to be audited.

The regulator did not detail what kind of lapses were found but divided the list of breaches into "Level I", which are significant breaches, and "Level II", which are other non-compliances. In total, 19 "Level I" breaches were found at Indian airlines, the DGCA said.

(Reporting by Abhijith Ganapavaram; Editing by Kim Coghill)

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July 25 (Reuters) - Spicejet Ltd SPJT.BO:

• SPICEJET LTD - FINALISES LEASE AGREEMENT TO INDUCT FIVE BOEING 737 AIRCRAFT

• SPICEJET LTD - AIRCRAFT TO JOIN FLEET IN OCTOBER 2025 UNDER DAMP LEASE ARRANGEMENT

• SPICEJET LTD - AIRLINE IN ACTIVE TALKS WITH ADDITIONAL LESSORS TO FURTHER BOOST CAPACITY

Source text: [ID:]

Further company coverage: SPJT.BO

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July 23 (Reuters) - Spicejet Ltd SPJT.BO:

• DISCOVERY GLOBAL OPPORTUNITY SELLS 31.2 MILLION SHARES IN SPICEJET VIA BULK DEAL- Exchange DATA

• PLUTUS WEALTH MANAGEMENT BUYS 24.5 MILLION SHARES IN SPICEJET VIA BULK DEAL- Exchange DATA

Source text: [ID:]

Further company coverage: SPJT.BO

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July 3 (Reuters) - SpiceJet Ltd SPJT.BO:

• RECEIVES FIRST TWO OVERHAULED ENGINES FROM STANDARDAERO

• EXPECTS A STEADY FLOW OF ENGINES IN COMING MONTHS

• SUCCESSFULLY UNGROUNDS ANOTHER BOEING 737 NG AIRCRAFT

Source text: ID:nBSEg9yxY

Further company coverage: SPJT.BO

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** Shares of Indian airlines IndiGo INGL.NS and SpiceJet SPJT.BO climb 3.5% each

** Crude oil prices fell as U.S. President Donald Trump announced a ceasefire between Iran and Israel, relieving worries of supply disruption O/R

** Crude prices have tumbled more than 9% over the last two sessions after Iran refrained from disrupting oil supplies through the Strait of Hormuz

** Crude prices impact Indian airlines as it is the key component of jet fuel

** YTD, INGL up ~24% vs SPJT's 24% decline

(Reporting by Kashish Tandon in Bengaluru)

((Kashish.tandon@thomsonreuters.com))

** Shares of India's SpiceJet SPJT.BO up 3% at 45 rupees, recovering from a 2% decline in the previous session

** During the weekend, the budget carrier reported Q4 PAT, which more than doubled y/y

** Airline also posted full-fiscal net profit for the first time in seven years

** Stock down ~19%, YTD

(Reporting by Hritam Mukherjee in Bengaluru)

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