Jet Airways India Ltd. was once at the
forefront of India's rapidly growing market for air travel, but a challenge
from budget carriers and surging fuel prices are backing the airline into a
corner.
Shares of the carrier, part-owned by Etihad Airways PJSC,
plunged as much as 15 percent Friday in Mumbai after the company postponed
announcing its first-quarter earnings, less than a week after denying a report
that it needs drastic measures to cut costs and bolster its finances. The stock
is headed for its worst year since 2011 as Jet Airways's finances deteriorated and the default risk on its
debt obligations increased.
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