Moneycontrol
Get App
Last Updated : Mar 19, 2019 03:03 PM IST | Source: Moneycontrol.com

Jet Airways plunges 5% as report claims Etihad may not invest further

Etihad Airways PJSC owns 24 percent stake in Jet Airways.

Moneycontrol News @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Share price of Jet Airways plunged 5.5 percent intraday on March 19 after Etihad Airways, who is the major holder in the company informed that it may not invest further in the company.

Etihad Airways is said to have informed Jet Airways' top lender State Bank of India that it won't make any further investment in the airline. The airline may not even be part of the fundraising deal drawn up by the consortium of lenders, according to a report by The Economic Times.

Etihad Airways PJSC owns 24 percent stake in Jet Airways, may also eventually look at an exit, sources told the newspaper.

On the other hand, additional four aircraft have been grounded by the company due to non-payment of amounts outstanding to lessors under their respective lease agreements, as per BSE Release.

It took the total number of grounded aircraft to about 60.

Aviation Minister Suresh Prabhu has directed the ministry's secretary to hold an emergency meeting on grounding of flights by the company.

At 1358 hours, Jet Airways was quoting at Rs 226.25, down Rs 10.75, or 4.54 percent on the BSE.
First Published on Mar 19, 2019 02:46 pm
More From
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant