India’s biggest airline IndiGo has decided to cut 10% of its staff as it faces a decline in revenues. The airline faces a collapse in demand for flights due to coronavirus pandemic.

IndiGo said last month that it would reduce up to 40 billion rupees ($533m; £420m) in costs.

IndiGo’s chief executive Ronojoy Dutta said in a letter to investors, “It is impossible for our company to fly through this economic storm without making some sacrifices, in order to sustain our business operations.”

Around 24,000 employees work in IndiGo, which means some 2,400 employees are likely to lose jobs. The airline has been grounded for several months due to lockdown imposed in wake of coronavirus pandemic.

According to the international news agency, it is India’s biggest passenger airline with a market share of 48.9% as of March this year and had been profitable for 10 years in a row.

Last month, a global aviation industry body cautioned that the decline in travel will lead to airline losses of more than $84bn (£66bn) this year.

The International Air Transport Association (IATA), which has 290 member airlines, said revenues would decrease to $419bn, down 50% compared to last year.

Emirates Airlines has hinted to lay off 9,000 employees amidst coronavirus pandemic. The airline has already laid off 10% of its total workforce.

According to the details, the dismissal of 9,000 more employees means that the airline will lay off 15% of its employees.

Emirates Airlines has a total of 270 aircraft and suspended its operations in March due to the suspension of global flight operations.