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Last Updated : Apr 18, 2019 04:44 PM IST | Source: Moneycontrol.com

Jet Airways saga: From soaring the skies to being temporarily grounded

The airline's share was at an all-time high in April 2005 at Rs 1,379 and currently stands at Rs 164, and falling.

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Jet Airways was incorporated in 1992 and began full operations in 1995. It was just after the Indian government had opened up the aviation industry for private players (Image: Reuters)
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Jet Airways was incorporated in 1992 and began full operations in 1995. It was just after the Indian government had opened up the aviation industry for private players (Image: Reuters)

The company went public in 2005 at the offer price of Rs 1100 per share and in April 2015 it touched its all-time high of Rs 1379
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The company went public in 2005 at the offer price of Rs 1,100 per share and in April 2015 it touched its all-time high of Rs 1,379

In 2012, the Indian government started allowing FDI upto 49 percent in the aviation industry and just a year later in 2013, Etihad acquired a 24 percent stake in Jet for $379 million. (Image: Reuters)
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In 2012, the Indian government started allowing FDI upto 49 percent in the aviation industry and just a year later in 2013, Etihad acquired a 24 percent stake in Jet for $379 million. (Image: Reuters)

In May 2018, Jet posted an unexpected loss of Rs 1,036 crore in Q4 of the FY18. This was the its first quarterly loss in 11 quarters
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In May 2018, Jet posted an unexpected loss of Rs 1,036 crore in Q4 of the FY18. This was the its first quarterly loss in 11 quarters.

The company posts yet another loss in Q1 of FY19 due to high fuel prices and announces measures to cut costs by Rs 2,000 crore over two years. (Image: Reuters)
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The company posted yet another loss in Q1 of FY19 due to high fuel prices and announced measures to cut costs by Rs 2,000 crore over two years. (Image: Reuters)

For the first time, the airline deferred payment of salaries of pilots in October 2018 and the company starts curtailing operations by grounding 13 planes. (Image: Reuters)
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For the first time, the airline deferred payment of salaries of pilots in October 2018 and the company started curtailing operations by grounding 13 planes. (Image: Reuters)

Founder Naresh Goyal talks with Tata and Etihad for investment in airline to keep it afloat. (Image: Reuters)
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Founder Naresh Goyal talked to Tata and Etihad for investment in the airline to keep it afloat. (Image: Reuters)

In December, the number cancelled flights go upto 40 per week and salaries were still not paid, Goyal promises to pay staff in full by March 2019
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In December, the number of cancelled flights went up to 40 per week and salaries were still not paid. Goyal promised to pay the staff in full by March 2019.

On the cusp of New Year, Jet defaulted on loan repayment for the very first time.
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On the cusp of New Year, Jet defaulted on loan repayment for the very first time.

An EGM is convened in February and it clears a resolution plan, including the fresh allotment of shares to lenders. The situation has already turned extreme as about 50 aircraft have been grounded. (Image: Reuters)
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An EGM was convened in February that cleared a resolution plan, including a fresh allotment of shares to lenders. The situation had already turned extreme as about 50 aircraft had been grounded. (Image: Reuters)

A month later, Goyal stepped down from the board and his stake -- as well as Etihad’s -- was reduced in the airline. Staff were still not being paid salaries. (Image: Reuters)
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A month later, Goyal stepped down from the board and his stake -- as well as Etihad’s -- was reduced in the airline. Staff were still not being paid salaries. (Image: Reuters)

Lenders called for EOI while CEO Vinay Dube sought emergency funding. Lenders refuse to budge and the airline suspended operation till an investor is found. (Image: Reuters)
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Lenders called for EoI while CEO Vinay Dube sought emergency funding. Lenders refused to budge and the airline suspended operation until an investor is found. (Image: Reuters)

First Published on Apr 18, 2019 02:47 pm
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