SpiceJet, which had taken delivery of 13 Boeing Max jets before the model was grounded, still expects to receive as many as 25 more in the current financial year.
The incident comes on the heels of the Ethiopian Airlines crash in March, which prompted a global ban on the operation of the 737 Max models.
Many of the costs are coming from its supply chain and delayed deliveries
Boeing's market value plunges as US president Donald Trump grounds all 737 MAX models from national airspace, joining 50 other countries that have done the same.
Because the crash bore similarities to the crash of a Lion Air flight five months ago, a number of airlines and national aviation regulators have grounded the Boeing 737 Max model.
A Beoing 737 Max-8 carrying 149 passengers and eight crew, crashed killing all aboard, leading some airlines to ground their own planes of the same model.