SpiceJet to trim staff, costs to stay afloat

Three days after announcing a record loss of Rs.1,003 crore for the fiscal year ended March, Kalanithi Maran-owned SpiceJet Ltd has decided to trim its workforce and cut costs across the board to stay in business. SpiceJet blamed the loss on a weaker rupee and slower economic growth, which has limited growth in passenger traffic. The airline on Monday asked each department to prepare a detailed cost cutting plan, according to two people with knowledge of the matter who declined to be named. This plan includes reduction of the workforce where required and cost cuts in other formats wherever possible, said one of the officials. The plan has to be presented this week and needs to be executed soon, possibly over two weeks, the person said.

Read the Live Mint news report here.