You are here: Home » Companies » News
Business Standard

Jet Airways shares fall 4% as it grounds 15 more planes

The latest groundings mean more than two-thirds of its total fleet of about 120 planes is not flying.

Reuters  |  NEW DELHI 

Jet airways
The latest groundings mean more than two-thirds of its total fleet of about 120 planes is not flying.

shares fell as much as 4 percent in early trade on Wednesday after it said the previous day it has grounded 15 more planes due to non-payment of dues to its lessors.

The latest groundings mean more than two-thirds of its total fleet of about 120 planes is not flying.

The airline, which was on the brink of bankruptcy, was bailed out in March by that 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 ministry that the would not ground more planes and would fly 40 more aircraft by the end of April.

The stock has shed more than half of its value in a year as of Tuesday's close.

 

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, April 03 2019. 10:22 IST
RECOMMENDED FOR YOU