Jet Airways plummets 5% after docking of 6 additional aircraft

Shares of beleaguered airline Jet Airways fell 5 percent intraday on March 20 after six aircraft were grounded on March 19.

The cash strapped airline has lost 10 aircraft in the last two days taking the total number of attrition to 78 planes.

“We now write to inform you that an additional six aircraft (include one aircraft of Jet Lite (India) Limited) have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements,” the airline said in its BSE filing.

In a meeting with aviation watchdog Directorate General of Civil Aviation (DGCA) on March 19, the executives of Jet Airways further revealed that 603 domestic and 382 international scheduled flights were withdrawn due to unavailability of aircraft. The airline is now operating only 34 percent (41 of 119 aircraft) of its fleet.

At 9:53 hrs, Jet Airways was quoting Rs 218.20, down 4.74 percent on the BSE.

In a separate news report, CNBC-TV18 said lenders to the airline will look for equity infusion from a new investor to replace Etihad, quoting sources. The new investor is likely to be an investment fund.
Banks may initiate talks with few investment funds that conducted due diligence on the company. Also lenders are looking at option of asking Etihad, Naresh Goyal to pledge their shares.

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