Jet shares plunge 6% after it grounds 7 more planes

Jet shares plunge 6% after it grounds 7 more planes

FILE PHOTO: A Jet Airways plane is parked as another moves to a runway at the Chhatrapati Shivaji International airport in Mumbai. REUTERS

Shares of Jet Airways fell by over 6% on Thursday after the company said seven more aircraft have been grounded due to non-payment of lease rentals.

Shares of the company dropped 6.15% to Rs 211 on BSE.

On NSE, the shares slumped 6.30% to Rs 210.15.

So far this month, as many as 13 planes of the company have been grounded on account of non-payment of rentals to lessors.

In a filing to the stock exchanges Wednesday, the full-service airline said: "an additional seven aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements".

Faced with acute financial woes, the airline is looking to restructure its debt as well as raise funds.

On February 23, the airline said two planes had been grounded. This followed an announcement made to stock exchanges on February 7 that it had grounded four of its aircraft on account of non-payment of lease rentals.