Hyderabad-based airline TruJet has suspended its services. The company's CEO, CFO, and CCO also resigned. TruJet operates seven aircraft. The situation of this regional airline company is bad for so long but they managed somehow. But it has only gotten worse with Corona as the demand has declined.
Five of the seven planes were taken back by the lessors due to non-payment of rent. The top management of the company is leaving the company and the staff is not being paid for the last three months. At least 100 employees, including pilots, cabin crew, ground staff have quit the company. TruJet launched its services in July 2015. Megha Engineering Infrastructure Limited had a 90 percent stake in TruJet which it disinvested the last year. Ram Charan also owns shares in the company and it is not clear if he disinvested as well.
The corona came at a time when the company was recovering with the UDAN scheme introduced by the government. The company’s financial situation has also worsened due to the competition in the airline industry. The company has not announced when it will resume its services. Many regional airline companies have struggled and TruJet may be joining the list.