Jet Airways stock suffers heavy losses after doubt over emergency funding
Almost twenty percent of the value of Indian airline Jet Airways was wiped away at one stage Tuesday, following uncertainty over lifeline funding needed to keep planes flying.
As the cash crunch has worsened, the airline's fleet has shrunk to seven aircraft from 119, as unpaid leasing companies who own the planes take back the aircraft. Shares in the carrier have fallen by more than 60 percent in the last 12 months. The carrier, which was founded more than 25 years ago, has already suspended international operations till April 18.
In March, the airline's founder, Naresh Goyal, stepped down as chairman, handing majority control to a consortium of Indian lenders led by government-owned SBI . A longer-term rescue for the airline is being crafted, with bids being encouraged for outsiders to take a majority stake.
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