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Investing.com -- Indian low-cost carrier SpiceJet reported a loss of 2.35 billion rupees ($26.86 million) in the first quarter of the fiscal year, reversing from a profit of 1.5 billion rupees in the same period a year earlier.
The airline’s financial performance was severely impacted by reduced leisure travel demand on certain routes during the worst fighting between India and Pakistan in decades.
Tensions between the two countries escalated following a deadly attack in Indian Kashmir in late April, which New Delhi attributed to Islamabad. The diplomatic crisis led to airport closures across north-west India, affecting facilities in Jammu, Srinagar and Amritsar.
The situation was further complicated when Pakistani authorities closed their airspace to Indian carriers, disrupting flight operations and routes for SpiceJet and other Indian airlines.
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