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Jet Airways shares continue to fall; down over 2%

Press Trust of India  |  New Delhi 

Shares of Jet Airways extended losses for the second day Tuesday, down by over 2 per cent in an overall weak broader market as the company continues to struggle with financial woes.

The company's shares fell 2.14 per cent to close at Rs 224.25 on the BSE. During the day, it dropped 3.55 per cent to Rs 221.

At the National Stock Exchange (NSE), shares fell by 2.33 per cent to close at Rs 223.70.

The stock had on Monday declined 3.18 per cent.

Jet Airways and Etihad Airways Monday said they along with key financial stakeholders are working towards finalisation of bank-led provisional resolution plan for the debt-laden domestic airline.

In a joint statement, the two carriers expressed confidence that once the plan is implemented, Jet Airways would "re-emerge as a viable and robust airline to reclaim its rightful place as airline of first choice for its customers".

Jet Airways has been grappling with financial woes and is looking to rejig debt as well as raise funds.

State Bank of India (SBI), on Monday, said no decision has been taken on moving the National Company Law Tribunal (NCLT) against Jet Airways.

On Sunday, officials associated with the lenders and key shareholders said SBI was considering moving the tribunal seeking insolvency proceedings against Jet Airways since it is running out of money for operations.

Crisis-hit Jet Airways Monday said it was working out a "mutually acceptable" arrangement regarding salary dues.

Salary payments have been delayed for many employees, including pilots. The airline management had promised to clear salary dues of its pilots by March.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 26 2019. 18:10 IST