Jet Airways shares plunge over 6% after company grounds seven more planes

Shares of Jet Airways fell by over 6 percent on Thursday after the company said seven more aircraft have been grounded due to non-payment of lease rentals

|Feb 28, 2019, 12:18:34 IST

New Delhi: Shares of Jet Airways fell by over 6 percent on Thursday after the company said seven more aircraft have been grounded due to non-payment of lease rentals.Shares of the company dropped 6.15 percent to Rs 211 on BSE.[caption id="attachment_5554021" align="alignleft" width="380"]

Representational image. Reuters.[/caption]On NSE, the shares slumped 6.30 percent to Rs 210.15.So far this month, as many as 13 planes of the company have been grounded on account of non-payment of rentals to lessors.In a filing to the stock exchanges on Wednesday, the full-service airline said, "an additional seven aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements".Faced with acute financial woes, the airline is looking to restructure its debt as well as raise funds.On 23 February, the airline said two planes had been grounded. This followed an announcement made to stock exchanges on 7 February that it had grounded four of its aircraft on account of non-payment of lease rentals.

EU slaps Google with $1 billion antitrust fine over Play Store and Search practices

European Commission says Google unfairly favoured its own services on Search and the Play Store, violating the Digital Markets Act; the company calls the decision harmful to businesses and consumers.

1 min read

Brent crude flirts with $100, reigniting inflation and forex concerns for India

Experts say a prolonged rally above $100 per barrel is unlikely, but sustained high oil prices could push up inflation, widen the current account deficit and pressure the rupee.

2 min read

Can a record May offset a shrunk international schedule and help IndiGo turn a profit?

Record domestic market share boosts operating performance, but forex losses, rising oil prices and geopolitical disruptions could weigh on IndiGo's bottom line.

3 min read

China has dominated Myanmar’s rare earth mines — now India eyes deal to harness country’s critical minerals

India is deepening rare earth cooperation with Myanmar as New Delhi seeks alternative sources of critical minerals dominated by China, including dysprosium and terbium used in EVs, defence systems and clean energy technologies

6 min read

JPMorgan to hire 1,000 technology professionals for India GCCs amid AI-led transformation

Wall Street banking giant to expand hiring across cloud, cybersecurity and AI data pipeline roles as it strengthens its India Global Capability Centres despite AI-driven workforce optimisation.