SpiceJet shares fall 3.5% amid reports of CEO exit

MUMBAI: Shares of SpiceJet fell by 3.5 per cent today amid reports that Chief Executive Niel Mills has resigned 18 months before his contract was due to end.

After falling 4.19 per cent to Rs 26.25 in intra-day trade, the stock finally ended at Rs 26.45, down 3.47 per cent from its previous close on the BSE.

On the volume front, 15.64 lakh shares of the company changed hands on the BSE.

Mills has put in his papers, but the management is yet to accept his resignation, sources familiar with the development said yesterday.

He is the third CEO for the Chennai-based private carrier in the past five years.

The resignation comes amid reports that the Kalanithi Maran-owned airline is planning to raise funds, including through strategic investors, to cope with increased competition.

Mills' exit from SpiceJet comes a few months after its Chief Commercial Officer Harish Moideen Kutty resigned.

He joined SpiceJet in 2010 and was hired by Maran from FlyDubai after the media baron bought the airline from NRI promoter Bhulo Kansagra in the same year.