SpiceJet's trouble, however, needs to be read in the context of the broader downturn in the sector. Most Indian airlines were loss-making ventures even before the pandemic hit. No-frill carriers such as IndiGo and SpiceJet were exceptions. However, restrictions on air travel over the last one year have meant trouble even for India's top domestic airline—IndiGo. InterGlobe Aviation Ltd, the parent company of IndiGo, posted its biggest quarterly loss in the June quarter (Q1FY22) and this was the airline's sixth consecutive quarterly loss. The future, meanwhile, remains uncertain given the possibility of a third wave and the risk from new variants. Rating agency Icra Ltd expects domestic air traffic to reach pre-covid levels by 2022-23; international air traffic, on the other hand, may rebound only by 2023-24.