A SpiceJet passenger aircraft Boeing 737-800 is seen after it overshoot the runway while landing on Tuesday night at the airport in Mumbai, India, September 20, 2017. REUTERS/Shailesh Andrade

SINGAPORE (Reuters) – Budget Indian airline SpiceJet Ltd said on Friday it planned to lease a “first lot” of 16 Boeing Co 737-800s to help fill a gap in aviation capacity that ratings agency ICRA said has pushed up fares by 30 to 40 percent since September.

SpiceJet had canceled some flights due to the grounding of its 12 737 MAX planes after Ethiopian Airlines’ deadly March 10 crash. However, the bulk of the reduction, which ICRA said removed 15 percent of market capacity, is due to Jet Airways Ltd grounding more than three-quarters of its fleet