Shares of low-cost airline SpiceJet dropped 4.6 per cent to Rs 65 apiece in Monday’s intraday trade on the BSE amid report that the company is considering laying off 15 per cent of its work force.
According to reports, cash-strapped SpiceJet is set to reduce its workforce by 1,400 employees, constituting nearly 15 per cent of its total staff, as part of cost-cutting measures amid the ongoing financial challenges.
The airline currently employs 9,000 personnel and operates approximately 30 aircraft, including eight wet-leased from foreign carriers. The carrier’s salary bill reportedly amounts to Rs 60 crore, precipitating the need for workforce downsizing. Reports indicate that salary payments have been overdue for several months, leaving many employees awaiting their January remuneration.
