Spicejet in rough weather

Spicejet is seeing a lot of turbulence today. The stock slipped down over 4% to an intraday low at Rs.41.85 and remains around the same levels.

The stock price fell after the company said that it has asked 80 of its pilots to go on a three-month leave without pay. This is being done to “help rationalise the pilot strength vis-à-vis the aircraft fleet," the airline said in a statement.

All the 80 pilots are from the airline's Boeing and Bombardier fleet.

After a slew of mishaps, the DGCA asking the company to operate at 50% of approved flights for the next eight weeks following multiple snags. And on top of all that, now this news. Clearly, the airplane company is caught in rough weather.