Shares of Jet Airways tumbled nearly 7% Wednesday after the crisis-hit firm defaulted on repayment of loans to a consortium of Indian banks.
The stock tanked 6.16% to close at Rs 263.75 on BSE. During the day, it cracked 7.13% to Rs 261.On NSE, shares of the company slumped 6.89% to end at Rs 261.45.
The company's market valuation eroded by Rs 195.87 crore to Rs 2,996.13 crore on BSE.In terms of equity volume, 9.66 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day.
The full-service carrier, which has been grappling with financial woes for some time now, has been making delayed salary payments to its staff."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 airline said in a filing to the stock exchanges late Tuesday.
The airline, which is also looking to raise fresh funds, said it has engaged with them (banks) in relation to the loan repayments.
Rating agency Icra Wednesday downgraded its ratings on the airline's long-term and short-term fund facilities.
