Jet Airways shares down 3%, fall for the 5th day
According to an ET report, Jet Airways’ domestic operations now comprise 12-15 planes, making it the smallest operating pan-Indian carrier.
NEW DELHI: Falling for the fifth consecutive day, shares of Jet Airways declined over 3 per cent in morning trade on Wednesday. In last five days, the stock has come off by 8 per cent to Rs 254.55.
The beleaguered airline is fighting for its survival.
According to an ET report, Jet Airways’ domestic operations now comprise 12-15 planes, making it the smallest operating pan-Indian carrier and also, according to industry experts, ineligible to fly on international routes.
In addition to grounding a majority of its fleet, it defaulted on Indian and overseas loan repayments, vendor dues and salaries, and also laid off people.
Banks were to release an immediate additional debt funding of Rs 1,500 crore for Jet to tide through and part-pay its vendors and employees, but the funds have not been released yet, the report added.
Shares of the company traded 2.94 per cent down at Rs 257.10 on BSE around 9:40 am.
The beleaguered airline is fighting for its survival.
According to an ET report, Jet Airways’ domestic operations now comprise 12-15 planes, making it the smallest operating pan-Indian carrier and also, according to industry experts, ineligible to fly on international routes.
In addition to grounding a majority of its fleet, it defaulted on Indian and overseas loan repayments, vendor dues and salaries, and also laid off people.
Banks were to release an immediate additional debt funding of Rs 1,500 crore for Jet to tide through and part-pay its vendors and employees, but the funds have not been released yet, the report added.
Shares of the company traded 2.94 per cent down at Rs 257.10 on BSE around 9:40 am.
