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The reason for the decline is the same as that which made 9W a favourite. IT was a darling too before it stalled and came crashing down.
Neither had a workable business plan. The Indian market at the low revenue grew rapidly. Both airlines were successful in luring people with their generosity to even low rev people, which created unrealistic entitlements.
Their generosity was not sustainable. It's time to cutback expenses as numbers in passengers did not translate to numbers un revenue. Any cuts inevitably lead to complaints.