Has SpiceJet’s Ajay Singh lost his turnaround touch?
The low-cost carrier is in all kinds of trouble with lessors and debtors. It will take all of its promoter’s substantial good offices with the government and more to keep it afloat.
3 May, 2021•19 min
0
3 May, 2021•19 min
0
Getting your Trinity Audio player ready...

Why read this story?
Editor's note: The senior airline executives, assembled at the Ministry of Civil Aviation for a meeting with bureaucrats, were aghast. Here was SpiceJet being thanked despite showing a blatant disregard for orders issued by the Directorate General of Civil Aviation, the regulator. It was mid-March 2019. The aviation world was still reeling from the shock of twin air tragedies involving Boeing 737 Max aircraft. In fact, the second one, involving an Ethiopian Airlines flight which crashed killing 157 people, had happened just a few days before, on 10 March. Like aviation regulators around the world, the DGCA too grounded the aircraft in India. But SpiceJet, which was one of two airlines—the other being Jet Airways—to operate the aircraft in India, continued to fly the planes. In doing so, it put the safety of its passengers and crew at risk. “The official explanation was that these flights were operated to get the aircraft back to their maintenance facilities. But there were pictures of these flights departing with passengers making the rounds of social media,” recounts a government official who had followed the developments …
More in Business
Business
Yes Bank’s comeback is real, but incomplete
The beleaguered lender outperformed larger rivals—and itself—on several metrics in FY26, but one-offs and a still weak retail engine keep its investors on edge.
You may also like
Business
Ajay Singh’s SpiceJet turnaround story is running on fumes
As much as he would like to convince investors about the airline’s prospects, it’s increasingly clear the low-cost carrier is just about managing to stay afloat.
Business
Debt, dividends, divestment: how solid is Sitharaman’s budget math?
Fiscal discipline holds on paper, but the number is propped up by higher borrowing and revenue sources that are far from stable.
Business
Reliance’s growth engines may be losing steam
Telecom and retail, which account for half the conglomerate’s revenue and most of its valuation, aren’t accelerating fast enough to justify their price tags.







