Shares of Jet Airways plunged more than 3 per cent after the private air carrier said it had defaulted on loan repayment to banks.
Shares of Jet Airways plunged more than 3 per cent after the private air carrier said it had defaulted on loan repayment to banks. The stock fell 3.39 per cent to Rs 271.50 on BSE. On NSE, shares of the company fell 3.13 per cent to Rs 272.
“Payment of interest and principal installment due to the consortium of Indian banks (led by State Bank of India) on December 31, 2018, has been delayed due to temporary cashflow mismatch,” the company said in an exchange filing.
In December last year, there was a report that said the loss-making air carrier is in talks with State Bank of India (SBI) for raising Rs 1,500 crore loan. The news agency PTI had reported that the airline is holding discussions with the largest public-sector lender in the country to raise loans to meet its working capital requirement and some obligations.
Meanwhile, the BSE benchmark Sensex Wednesday dropped over 200 points and NSE Nifty fell below the 10,900 mark on selloff in metal and auto stocks amid weak cues from other Asian markets and foreign fund outflow. The 30-share index was trading 198.83 points, or 0.55 per cent, lower at 36,055.74 in morning trade. Similarly, the NSE Nifty declined by 61.35 points, or 0.56 per cent, to 10,848.75.