SpiceJet Shares Slide 4% As 80 Pilots Sent on Leave Without Pay

Shares of SpiceJet on Wednesday fell over 4 per cent after the company said it has asked 80 of its pilots to go on a three-month leave without pay.

The company's shares declined 4.01 per cent to settle at Rs 41.85 apiece on the BSE. During the day, it fell 4.24 per cent to Rs 41.75.

The move is a temporary measure to rationalise cost, the Gurugram-headquartered airline said on Tuesday.

"This measure, which is in line with SpiceJet's policy of not retrenching any employee which the airline steadfastly followed even during the peak of the Covid pandemic, will help rationalise the pilot strength vis-a-vis the aircraft fleet," the budget carrier said in a statement.

The pilots, who have been forced to go on leave without pay, are from the airline's Boeing and Bombardier fleet.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)