Jet Airways Shares Fall Over 3% as Co Loan Repayment Default
Shares of Jet Airways Wednesday fell over 3 per cent after the crisis-hit firm said it had defaulted on loan repayment to banks.
New Delhi, January 2: Shares of Jet Airways Wednesday fell over 3 per cent after the crisis-hit firm said it had defaulted on loan repayment to banks. The stock declined 3.39 per cent to Rs 271.50 on BSE.
On NSE, shares of the company fell 3.13 per cent to Rs 272. The full service carrier has been grappling with financial woes for quite some time now and has been making delayed salary payments to staff. Jet Airways Cancelling 20-30 Flights Daily Due To Cash Crunch; Private Carrier Yet To Pay Salaries Of September.
"Payment of interest and principal installment due to the consortium of Indian banks (led by State Bank of India) on December 31, 2018, has been delayed due to temporary cashflow mismatch," the company said in a regulatory filing. The company has engaged with them (banks) in relation to the same, Jet Airways added.