SpiceJet Ltd Chairman Ajay Singh said on Thursday the budget airline was taking “all possible proactive measures” to deal with capacity reduction in the aviation industry, a day after rival Jet AirwaysNSE -26.90 % Ltd was forced to ground all flights as it ran out of funds.
Shares of the company jumped as much as 15 percent on news that Jet Airways had suspended its operations.
Jet Airways halted all flight operations indefinitely on Wednesday after its lenders rejected a plea for emergency funds, potentially bringing the curtains down on what was once India’s largest private airline.
