SpiceJet Suspends Boeing 737 Max Operations Amid Financial Challenges

SpiceJet has suspended operations of its Boeing 737 Max aircraft due to financial challenges. The airline mutually terminated its lease agreement with BOC Aviation, which had leased three 737 Max planes to SpiceJet.

The development comes as SpiceJet struggles to maintain its operations, including paying salaries and vendors on time. In July, the airline's domestic market share dropped to 1.6% from 3.9% in January, and it had the lowest punctuality record among all airlines with only 35% of flights on time.

SpiceJet received its first 737 Max aircraft in 2018 as part of a $22 billion order for up to 250 planes. However, due to financial constraints, the airline was unable to scale up its 737 Max operations despite the global grounding of the planes being lifted in 2021.