suspension & grounding of Boeing 737 Max) in holiday season led to capacity constraints. Domestic capacity addition was flat while the industry reported high PLFs of 87%. IndiGo making the most from Jet's loss reported pax/ASK growth of 20%/28% YoY while expanding its market share by ~290bps MoM to 50%. With continued grounding of Boeing 737 Max, SpiceJet reported muted Pax/ASK growth of 1%/5% while its market share declined by ~50bps MoM to 13.1%. However, we expect SpiceJet to gain significantly in immediate future as it plans to induct ~40 ex Jet fleet of Boeing 737.Given the uncertainty...