India’s Jet Airways stock falls on report of temporary close
NEW DELHI (AP) — The BSE stock exchange in Mumbai has sought clarification from beleaguered Indian airline Jet Airways after news reports said the company planned to temporarily shutter its operations.
Following the announcement, Jet Airways stock was off 7.6% at Tuesday’s close.
Jet Airways spokesman Gaurav Sahni did not immediately respond to requests for comment.
The airline, once India’s largest, reported a net loss in the quarter that ended in December of 5.8 billion rupees, about $83 million.
A recovery plan led by government-owned State Bank of India and other creditors has so far been unable to staunch the bleeding at Jet Airways, whose fleet of aircraft has dwindled to 14 from 119 on Dec. 31, when the company first defaulted on some of its more than $1 billion in debt.