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    HomeNewsBusinessMarketsJet Airways plunges over 5% after default on payment, rating downgrade

    Jet Airways plunges over 5% after default on payment, rating downgrade

    Jet Airways said on January 1 that it defaulted on a payment to a consortium of banks led by the State Bank of India.

    Moneycontrol News
    January 02, 2019 / 13:26 IST
    A Jet Airways passenger plane takes off from Sardar Vallabhbhai Patel International Airport in Ahmedabad

    Moneycontrol News 

    Shares of cash-strapped Jet Airways plunged as much as 5.6 percent intraday on January 2 after the company defaulted on a payment to banks and a rating downgrade by ICRA.

    The airline had said on January 1 that it defaulted on a debt payment to a consortium of banks led by the State Bank of India.

    Also read: Jet Airways in talks with SBI for Rs 1,500-crore short-term loan

    ICRA downgraded long-term rating of Jet Airways to D from C. The short-term rating has been revised to D from A4.

    "This rating downgrade considers the delay by the company in the payment of interest and principal instalment due on December 31, 2018," Jet Airways said in a statement.

    At 1316 hours, Jet Airways was quoting at Rs 267.90 on the BSE, down 4.68 percent.

     

    Moneycontrol News
    first published: Jan 2, 2019 01:26 pm

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