Jet Airways shares fall 6% as more planes grounded
Thursday - February 28, 2019 3:08 pm ,
Category : BUSINESS
Mumbai, Feb 28 (IANS) Scrip of Jet Airways fell over 6 per cent on Thursday as the already struggling airline grounded more aircraft, taking the total to 13, over its non-repayment of dues to lessors.
Following the development, Jet's share price dropped by 6.5 per cent during the early hours of the trade. The stocks though later recovered significantly to trade 1.78 per cent lower at Rs 220.85 in the afternoon session. Earlier the airline had informed the stock exchanges that it had grounded six aircraft. The additional grounding of seven more that came on Wednesday, might impact around 35 flights."The company is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken by the company to improve its liquidity," the airline said in a regulatory filing on Wednesday.Some reports even suggested that the airline might have already grounded more than 20 aircraft over shortage of spare parts and inability to pay the lessors.
--IANS ravi-rv/in
Following the development, Jet's share price dropped by 6.5 per cent during the early hours of the trade. The stocks though later recovered significantly to trade 1.78 per cent lower at Rs 220.85 in the afternoon session. Earlier the airline had informed the stock exchanges that it had grounded six aircraft. The additional grounding of seven more that came on Wednesday, might impact around 35 flights."The company is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken by the company to improve its liquidity," the airline said in a regulatory filing on Wednesday.Some reports even suggested that the airline might have already grounded more than 20 aircraft over shortage of spare parts and inability to pay the lessors.
--IANS ravi-rv/in
