New Delhi, May 5 -- SpiceJet Ltd's operational fleet has shrunk from 33 aircraft at the end of December to about 21 in early May, bringing the airline close to the minimum threshold required to operate international flights under Indian aviation rules. Fleet count fell due to returns to lessors and grounding for maintenance.

The slide in SpiceJet's fleet comes as the airline has also lost ground in the domestic market, slipping to fourth place with a 3.9% share in March. Rival Akasa Air, with about 38 aircraft, has around 5% share, while IndiGo dominates with 63.3% and a fleet of over 440 aircraft. The Air India Group follows with about 26.5% market share and around 290 aircraft, according to data from the Directorate General of Civil Av...