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Jet Airways' scrip down 5% as four aircraft grounded
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SME Times News Bureau | 09 Feb, 2019
Financially stressed Jet Airways' stocks fell by around 5 per cent on
Friday a day after the airline said that four of its aircraft have been
grounded for non-payment of dues to lessors.
The company's scrip at the BSE on Friday fell by 4.78 per cent or Rs 11.30 to Rs 225.30 from its previous close.
In
another development, the company in a separate regulatory filing said
that its Board will meet on February 14, 2019 to approve the unaudited
financial statements for the third quarter and nine months ended 31
December 2018.
On the issue of grounding of aircraft, the airline
on Thursday said that it is actively engaged with all its aircraft
lessors and "regularly provides them with updates on efforts undertaken
by the company to improve its liquidity".
"The company is making
all efforts to minimise disruption to its network...and is proactively
informing and re-accommodating its affected guests," it said in the
filing on Thursday.
"The company also continues to provide
required and periodic updates to the Directorate General of Civil
Aviation in this regard."
The airline on Thursday also said that
three aircraft that were grounded for engine normalisation are back in
commercial operations.
Lately, Jet Airways has been in a tight
spot financially as a rescue plan is being stitched between its partner
Etihad and a consortium of banks.
The airline has a loan burden
of over Rs 8,000 crore and it could see some of that amount being
converted into equity by the banks.
Last month in a filing, Jet
Airways said an Extraordinary General Meeting (EGM) of the company would
be held on February 21 where a special resolution would be put forth to
consider and "approve conversion of loan into shares or convertible
instruments or other securities".
The question about the financial health of Jet Airways has also been raised in the Lok Sabha.
Replying
to a question on the airline, Minister of State for Civil Aviation
Jayant Sinha in a written reply informed the Parliament that efficient
operations and financial performance is the responsibility of each
airline and their shareholders.
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