While SpiceJet’s managing director Ajay Singh has been credited with turning around SpiceJet, which he took over from the Marans in January 2015, the September quarter has been one of the worst for the low-cost carrier. SpiceJet reported a stinging loss of Rs 389 crore in Q2FY19, following from a loss at the operating profit level of Rs 32 crore. Singh has been extremely lucky to have run the business at a time when crude oil prices stayed low. In January 2015, oil was ruling at only $47 per barrel and they fell to $28 per barrel in January 2016. When the Marans were in control of SpiceJet, oil prices had climbed to nearly $120 per barrel. Yet, the biggest quarterly loss reported was `559 crore in the September 2013 quarter.