Jet shares nosedive after flights grounded, lenders 'hopeful'

phys.org | 4/13/2019 | Staff
reantes (Posted by) Level 3
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Jet Airways shares plunged more than 32 percent on Thursday, hours after the Indian carrier's final flight landed following a decision to ground its entire fleet.

The Mumbai-based carrier is on the edge of bankruptcy and has failed to secure emergency funding from banks, forcing it to suspend all operations late Wednesday.

Jet - Stock - Percent - Rupees - Bombay

Jet's stock fell more than 32 percent to 162.15 rupees on the Bombay Stock Exchange Thursday. It was worth more than four times that a year ago.

The lenders that control the airline said Thursday they were focusing on finding a buyer for Jet, which was until recently India's second-biggest carrier by market share.

Lenders - Bid - Process - Value - Enterprise

"Lenders are reasonably hopeful that the bid process is likely to be successful in determining fair value of the enterprise in a transparent manner," they said in a statement.

The State Bank of India-led consortium is looking to sell a controlling stake in Jet and has shortlisted four potential buyers, including Etihad Airways, which already owns 24 percent.

May - Bids

The four have until May 10 to submit formal bids.

But until then, the carrier's remaining fleet is grounded, with a final flight from Amritsar to Mumbai landing in the early hours of Thursday.

Staff - Airline - Headquarters - Mumbai - Thursday

Several hundred staff gathered outside the airline's headquarters in Mumbai Thursday, chanting "We want justice" and "Please save Jet Airways".

"What's the management doing and why isn't the government doing anything to save our jobs?" said Sarvesh, an employee of Jet's ground staff who did not want to give his surname.

Jet - Years

"Many here have been working for Jet for over 20 years....
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