News / Indian airlines hit by double whammy, grounding them firmly in red ink

India’s airlines are finding themselves deep in the red after the dual headwinds of Covid disruption and high fuel prices sent the industry into a tailspin.

According to a study by market research firm CRISIL, the three top Indian carriers, IndiGo, SpiceJet and Air India, are expected to see a combined net loss of over Rs200bn (US$2.7bn) – the worst ever – in the fiscal year ending 31 March.

This is 44% worse than the Rs138.53bn ($1.86bn) they collectively bled in the ...