Shares of Jet Airways went down about 7 percent on Wednesday as the company’s misery antagonized after the Indian government called for an emergency meeting to discuss the cash-strapped carrier’s anguish.
An airline which is 25-year-old defaulted on loans after racking up over 1 billion dollars in debt and owes money to banks, suppliers, pilots, and lessors – some of whom have started terminating their lease deals with the carrier.
Jet now operates only 41 aircraft, aviation regulator Directorate General of Civil Aviation has said. Several passengers have been affected due to the grounding of Jet flights.
Many troubles dented the stock, with shares falling as much as 6.9% to Rs. 213.35, in their biggest daily percentage fall in over a month.