INSUBCONTINENT EXCLUSIVE:
Jet Airways shares posted their worst session in over three years.Shares of the debt-laden Jet Airways plunged as much as 18.56 per cent on
the BSE, its worst session in over three years, to hit intraday low of Rs 213.20
failed to secure interim funding from the group of lenders led by the State Bank of India
As part of the rescue deal signed last month with the lenders, Jet Airways was supposed to get Rs 1,500 crore interim funding by way of debt
likely to temporally shut down its operations for which the response was awaited.Jet Airways CEO Vinay Dube in a statement to employees
yesterday said the interim funding from the lenders was 'not forthcoming thus far' and it had to shut its international operations till
chairman Naresh Goyal opted out from the bidding process for a stake in the company.The airline is operating with less than 10 planes, news
planes in recent weeks as lessors scramble to de-register and take back their aircraft, even as Jet's lenders have sought expressions of
interest in the carrier from potential investors
It has also suspended its international operations for the time being.Lenders, led by the State Bank of India (SBI), want a new investor to
buy a stake of up to 75 per cent in Jet and initial expressions of interest were submitted last week.As of 1:24 pm, shares in Jet Airways
traded 10.62 per cent lower at Rs 233.90, underperforming the NSE Nifty 50 Index which was up 0.84 per cent.Get the latest election news,
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