Jet, once India's biggest carrier, fights to keep flying

Jet Airways, once India's biggest by market capitalisation, was forced to ground 10 more jets after it failed to pay lease rentals on time

Jet Airways India Ltd.’s fleet has shrunk by almost 90 per cent as the cash-strapped airline struggles to find funds to operate, forcing the nation’s oldest surviving private airline to drastically curtail its scheduled flights amid a hunt for a new investor.

The carrier, once India’s biggest by market capitalisation, was forced to ground 10 more jets after it failed to pay lease rentals on time, Jet said in a stock exchange filing Thursday. That means the carrier is now operating fewer than 20 planes, compared with a fleet of 124 as recently as January.

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