Jet Airways Under Pressure From India's Budget Flight Boom
- Mumbai-based carrier defers first-quarter results Thursday
- Etihad-backed airline fell to its lowest since June 2015
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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 8.5 percent Friday in Mumbai after the company postponed announcing its first-quarter earnings. That’s less than a week after denying a report it needs drastic measures to cut costs and bolster its finances. The stock ended at its lowest level since June 2015 as the carrier’s finances deteriorated and the default risk on its debt obligations increased.