Regular in all payment obligations to banks: Jet Airways

Mumbai : Jet Airways on Saturday said that it is regular in all its payment obligations to banks.

The reassurance from the airline came after its scrip plunged on Friday, a day after its board deferred consideration of the first quarter financial results.

At the BSE, the company's scrip plunged by 8.39 per cent or Rs 25.30 at Rs 276.40 on Friday from its previous close of Rs 301.70.

"We are regular in all our payment obligations to all our banks and statutory dues including PF obligations. Our account with all the banks as on date is 'standard'," a Jet Airways spokesperson was quoted as saying in a statement.

"We have had scheduled amortizations in the past so many years and the company has met its repayment obligations all the time. This is evidenced by the reduction in the overall debt of the company by an amount of Rs 3,000 crore in the last three years."

As per the statement, the airline has been working on various cost and revenue initiatives to mitigate the significant increase in fuel rates and depreciation in rupee, as there has not been any corresponding increase in fares.