Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Can’t Fly Beyond 60 Days is Incorrect and Malicious Says Jet Airways

Jet Airways has been implementing several measures to reduce cost as well as realise higher revenues, for desired business efficiencies.

Rounak Kumar Gunjan | News18.com@Rounak_T

Updated:August 3, 2018, 11:56 PM IST
facebookTwitterskypewhatsapp
Can’t Fly Beyond 60 Days is Incorrect and Malicious Says Jet Airways
News18 Creative by Mir Suhail
Loading...

New Delhi: Multiple media reports stating that Jet Airways (India) Ltd will be unable to fly beyond 60 days unless cost-cutting measures, including pay cuts, are put in place, have been denied by the company and have been termed as “malicious and incorrect.”

Reports also stated that Jet has approached investment bankers again to help sell a stake in the carrier. The company denied this as well.

In a statement issued on Friday, the carrier claimed that in line with its stated focus of creating a healthier and a more resilient business, Jet Airways has been implementing several measures to reduce cost as well as realise higher revenues, for desired business efficiencies.

Some of these include sales and distribution, payroll, and maintenance, among many others. As part of this approach, the airline management is in dialogue with key stakeholders to enlist their full support and cooperation for realising necessary savings across all parts of the business,” Jet Airways said in a response.

According to reports the management team, including Chairman Naresh Goyal, informed employees during meetings in Mumbai and Delhi recently that the airline's financials are in a bad shape and drastic measures needed to be taken to cut costs, the The Economic Times reported, citing two company executives.

Shares of the company fell more than 5 per cent in early trade in Mumbai.

"In line with its stated focus of creating a healthier and a more resilient business, Jet Airways has been implementing several measures to help it reduce cost as well as realise higher revenues, for desired business efficiencies," the company said in response to Economic Times without specifically mentioning the 60-day deadline given to employees.

Separately, Mint reported Jet Airways approached investment bankers again to help sell a stake in the carrier, citing two people with direct knowledge of the matter.

The airline is facing several challenges including a surge in fuel prices, weaker rupee and intensifying competition.

"Jet Airways is looking to raise immediate cash and the transaction may include Jet Airways founder Naresh Goyal offloading a part of the promoter's stake in the company," one of the sources told Mint on condition of anonymity.

Earlier in the week, several media reported that Jet Airways had asked its employees to take a pay cut of up to 25 per cent due to rising costs.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Naqshib Nisar
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 59.25 5.24
Indiabulls Hsg 467.85 3.84
Reliance 1,275.85 2.33
HDFC Bank 2,162.70 -0.52
ICICI Bank 395.40 -0.93
Company Price Change %Gain
Yes Bank 59.25 5.24
ICICI Bank 395.75 -0.85
Indiabulls Hsg 467.90 4.00
Bajaj Finance 3,175.35 1.85
Reliance 1,275.95 2.36
Top Gainers
Company Price Change %Gain
Zee Entertain 351.15 6.75
Vedanta 137.40 6.47
UPL 547.25 5.64
Yes Bank 59.25 5.24
BPCL 329.35 5.22
Company Price Change %Gain
Vedanta 137.50 6.55
Yes Bank 59.25 5.24
ONGC 122.30 4.66
M&M 533.10 4.09
Coal India 188.05 4.07
Top Losers
Company Price Change %Gain
IndusInd Bank 1,310.50 -1.88
ITC 236.10 -1.65
ICICI Bank 395.40 -0.93
Eicher Motors 15,383.45 -0.90
HUL 1,860.00 -0.65
Company Price Change %Gain
IndusInd Bank 1,310.35 -1.90
ITC 236.00 -1.71
ICICI Bank 395.75 -0.85
Power Grid Corp 201.40 -0.69
HUL 1,859.35 -0.69

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results