November 12, 2012 / 1:31 PM / 5 years ago

Accumulated losses at India's Spicejet eroded entire net worth - auditor

NEW DELHI, Nov 12 (Reuters) - Accumulated losses at SpiceJet have fully eroded the net worth of the company as at Sept. 30, its auditors said on Monday, after the second biggest budget carrier in India posted a quarterly net loss.

The company’s ability to operate on a “going concern” basis is “significantly” dependent on establishing continued profitable operations and raising cash to meet short- and long-term obligations, the auditors said in a review report to the company.

Reporting by Anurag Kotoky; Editing by Anupama Dwivedi

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