An IndiGo Airlines Airbus A320 aircraft is pictured parked at a gate at Mumbai's Chhatrapathi Shivaji International Airport February 3, 2013. REUTERS/Vivek Prakash/File Photo

India’s largest budget airline IndiGo said Monday it was laying off 10 percent of its workforce in the wake of the financial fallout from the coronavirus pandemic.

IndiGo rose quickly to capture nearly half the domestic market in recent years, reaping big profits on the back of a booming local aviation sector.

But the carrier said earlier that cost-cutting measures including salary cuts and unpaid leave had not offset the severe economic impact of the global health crisis, which has shuttered airports and reduced air travel to a fraction of its peak.

“From where things stand currently, it is impossible for our company to fly through this economic storm without making some sacrifices,” chief executive Ronojoy Dutta said in a statement.

“After carefully assessing and reviewing all possible scenarios, it is clear that we will need to bid a painful adieu to 10 percent of our workforce.”

IndiGo employs around 24,000 people, according to local media.

Carriers around the world have been badly hit by the pandemic, with many filing for bankruptcy, implementing hefty cuts or asking governments for huge public rescue plans.