Jet down, Spicejet soars
While on one hand, Jet Airways is the second top loser on the BSE, going down 6.5% to Rs.213.95, Spicejet is the second top gainer, going up over 7% to Rs.84.45.
Jet Airways is down as its woes continue. Yesterday, Etihad Airways said that it has offered to sell its 24% stake in the company to SBI. To make matters worse, even the pilots, who have not been paid salaries threatened that they will stop flying from 1st of April if Jet Airways does not come up with a rescue plan by 31st March. The airline grounded additional six aircraft due to non-payment of amounts outstanding.
On the other hand, Spicejet is flying high as it has now become a member of the global airlines’ grouping IATA. It has earned itself the distinction of becoming the first low-cost airline to get this membership. Becoming an IATA member helps fuel the company’s expansion plans as it can now have codeshares and agreements with other carriers.