ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Jet Airways defaults on debt payment amid cash crunch

Failure to pay banks on time triggers stock slump, credit rating cut

A Jet Airways Boeing 737-800 passenger plane moves on the runway at an airport in New Delhi on Aug. 27, 2018.    © Reuters

MUMBAI (NewsRise) -- Jet Airways India, the nation’s largest full-service carrier, defaulted on its debt repayment, triggering another rating downgrade and a slump in its stock, as intense competition and high cost of operations cast a pall on the south Asian nation's aviation industry.

The Mumbai-based company has delayed payments to a consortium of banks led by State Bank of India, it said in a stock exchange statement. The payment of interest and principal installment due

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more