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

Jet Airways Shares Soar After Founder Naresh Goyal Exits, Banks Claim Majority Stake

Under the rescue plan, Jet's lenders, led by State Bank of India (SBI), will issue a loan of 15 billion rupees ($218 million) to meet the airline's obligations and will form an interim management committee to oversee operations.

Reuters

Updated:March 26, 2019, 10:08 AM IST
facebookTwitterskypewhatsapp
Jet Airways Shares Soar After Founder Naresh Goyal Exits, Banks Claim Majority Stake
Jet Airways chairman Naresh Goyal speaks during a news conference in Mumbai. (Photo: REUTERS)

New Delhi: Jet Airways Ltd's shares climbed about 8.5 per cent on Tuesday to a near two-month high after founder and chairman Naresh Goyal stepped down and lenders took control of the airline, in an attempt to rescue it from bankruptcy.

Banks have moved in to take a majority stake in the airline after Jet failed to convince potential investors, including its largest shareholder Etihad Airways, to save the airline.

Under the rescue plan, Jet's lenders, led by State Bank of India (SBI), will issue a loan of 15 billion rupees ($218 million) to meet the airline's obligations and will form an interim management committee to oversee operations.

On Monday, Jet shares soared 17.5 per cent in intraday trade after reports said Goyal and his wife would leave the board.

Burdened with more than $1 billion of debt, Jet is struggling to stay afloat. It has delayed payments to banks, suppliers, pilots and lessors - some of which have forced the airline to ground as many as 40 planes.

Shares of Jet Airways rose as much as 8.6 per cent to 275.90 rupees, highest since Feb. 1, on Tuesday.

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

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
IRCTC 717.00 -1.48
HUL 2,034.40 1.00
Infosys 770.70 -1.96
Bandhan Bank 597.00 4.98
RBL Bank 246.00 -4.98
Company Price Change %Gain
Future Life 412.15 2.47
BPCL 490.65 1.01
IRCTC 717.00 -1.59
Indiabulls Hsg 186.70 -5.66
Varroc Engineer 456.00 1.84
Top Gainers
Company Price Change %Gain
IOC 147.60 1.97
HUL 2,035.80 1.07
BPCL 492.05 1.26
Sun Pharma 398.00 0.85
Britannia 3,137.60 0.90
Company Price Change %Gain
Yes Bank 40.25 0.63
HUL 2,036.15 1.06
Sun Pharma 397.75 0.80
Asian Paints 1,815.00 0.97
HDFC Bank 1,214.35 0.93
Top Losers
Company Price Change %Gain
Infosys 770.55 -1.98
Zee Entertain 239.25 -1.50
JSW Steel 217.35 -1.85
Tata Motors 125.15 -2.11
Bharti Airtel 389.50 -1.03
Company Price Change %Gain
Infosys 771.20 -1.84
Tata Motors 125.80 -1.56
Bharti Airtel 389.70 -0.97
Vedanta 146.40 -0.98
IndusInd Bank 1,242.30 -0.66

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results