As two key executives step down, SpiceJet shares drop 10%. Continue reading for more information

A 10% intraday low was reached by SpiceJet’s shares, which closed at Rs 60.58 after media reports that two of the company’s top executives had quit.

Two top officials of the firm resigned, according to a Mint story, after their wives’ names were mentioned in the media about an airline. The wives of SpiceJet’s chief operational officer Arun Kashyap and chief commercial officer Shilpa Bhatia ran Sirius India Airlines, which made headlines in October 2023.

According to a source who was quoted by Mint, the airline’s senior executives were forced to leave since their entry into the same market was deemed inappropriate.

“Several members of the commercial team, including the Chief Commercial Officer, have departed SpiceJet with immediate effect as part of the company’s strategic reorganization. Revenue and load factor for the company are still growing at a rapid pace. SpiceJet has accelerated the settlement of all previous issues with the help of the most recent fundraising. SpiceJet released a statement saying, “The Company looks forward to adding capacity, growing rapidly, and continuing to play a large role in the Indian aviation sector.”

In the last five days, SpiceJet has reduced investor wealth by 11%; nevertheless, during the past six months, it has increased it by 40%. Over the course of the past year, the company’s stock has returned 64%, indicating strong long-term performance. In the last five years, it has increased by 28%.