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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.
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