High debt, rising fuel prices and slower growth have crippled Jet Airways Ltd.
Shares of the full-service carrier fell as much as 7.8 percent, the most in nearly three weeks, after the Economic Times reported quoting unnamed people that the company told employees it can’t operate for more than 60 days without cutting expenses, including salaries. The airline has been the least preferred aviation bet among investors, with its shares falling more than 60 percent this year
The company, 51 percent owned by Naresh Goyal, may raise funds and the promoter may sell stake, another report by Mint said.
A company spokesperson, in a statement, said Jet Airways has taken measures to reduce costs. “Some of these include sales and distribution, payroll, and maintenance, among many others,” the email said, adding the management is in talks with “key stakeholders to enlist their full support and cooperation”.
03/08/18 Soumeet Sarkar/Bloomberg Quint
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Shares of the full-service carrier fell as much as 7.8 percent, the most in nearly three weeks, after the Economic Times reported quoting unnamed people that the company told employees it can’t operate for more than 60 days without cutting expenses, including salaries. The airline has been the least preferred aviation bet among investors, with its shares falling more than 60 percent this year
The company, 51 percent owned by Naresh Goyal, may raise funds and the promoter may sell stake, another report by Mint said.
A company spokesperson, in a statement, said Jet Airways has taken measures to reduce costs. “Some of these include sales and distribution, payroll, and maintenance, among many others,” the email said, adding the management is in talks with “key stakeholders to enlist their full support and cooperation”.
03/08/18 Soumeet Sarkar/Bloomberg Quint
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