Struggling SpiceJet slashing fares
Cash-strapped budget carrier SpiceJet has slashed fares by as much as 50% compared to rival airlines on some routes, amid uncertainty over its long-term future.
Sectors with deep discounts include Mumbai-Goa, Delhi-Kolkotta and Delhi-Chennai.
Severe cash-flow problems at SpiceJet has forced major route cuts and cancellations and it has cut its fleet of aircraft by about half, returning planes to lessors.
Last week the Directorate General of Civil Aviation (DGCA) ordered SpiceJet to stop accepting advance bookings of more than 30 days, although aviation officials extended a deadline to pay off some of its debts.
"The avenues to raise revenues for SpiceJet are limited since they cannot book beyond one month," said an unnamed airline executive to local media.
"They have a limited number of flights flying. Passengers are also not willing to fly SpiceJet because there is no schedule integrity due to so many cancellations."
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