Homemarket Newsstocks News

    Jet Airways shares slump 4% as it grounds more planes

    Jet Airways shares slump 4% as it grounds more planes

    Jet Airways shares slump 4% as it grounds more planes
    Profile image

    By Mousumi Paul   IST (Updated)

    Mini

    Shares of Jet Airways fell as much as 4 percent to an intra-day low of Rs 254 on Wednesday after the debt-laden carrier said it had grounded 15 more planes due to non-payment of dues to its lessors.

    Shares of Jet Airways fell as much as 4 percent to an intra-day low of Rs 254 on Wednesday after the debt-laden carrier said it had grounded 15 more planes due to non-payment of dues to its lessors.
    At 11:18 AM, the stock was down 2.43 percent to Rs 258.55 on the National Stock Exchange.
    According to media reports, more than two-thirds of Jet's total fleet (120 planes) is not flying. Its fleet size has now come down to about 30 planes, making it the smallest operating pan-India air carrier.
    The airline was bailed out in March by state-run banks, which will temporarily take a majority stake in the company and give it a new loan of $218 million.
    After the bailout, Jet told officials at the civil aviation ministry that the airline would not ground any more planes and would fly 40 more aircraft by the end of April.
    But as per senior government officials, monthly lease rentals, which are to the tune of Rs 1.5 crore on an average, have not been paid by the company to the lessors for as long as six months, resulting in groundings.
    Several employees in different departments along with the pilots have not been paid salaries since January 2019.
    Catch all the latest and live updates here: CNBCTV18 Market Blog.
    arrow down

      Market Movers

      View All
      CompanyPriceChng%Chng