Cash-strapped SpiceJet to fire 1,400 employees to reduce costs

SpiceJet has announced plans to lay off approximately 1,400 employees, which is nearly 15% of its current workforce. The decision is aimed at reducing costs and maintaining investor interest. A SpiceJet spokesperson told The Economic Times that the layoffs will ensure an alignment of companywide costs against operational requirements. At the time of writing, the shares of SpiceJet were trading nearly 4% down at Rs. 65.51 apiece.