Third wave of COVID-19 has airlines industry looking at ₹20,000 crore net loss

Domestic air traffic has already plummeted 25% in the first week of January

Hit by the third wave of the pandemic and soaring fuel prices, airlines are flying towards record losses with a likely loss of a whopping ₹20,000 crore for the full fiscal year, warns a report.

The airlines are flying towards their steepest-ever net loss of over ₹20,000 crore this fiscal, which will be 44% more than ₹13,853 crore they bled last fiscal, Crisil said in a report.

This will push back the industry's recovery beyond fiscal 2023, the report based on three large listed airlines— Indigo, Spicejet, and Air India— which together command 75% of the domestic traffic, warned.