MUMBAI/BENGALURU - Jet Airways shares plunged on Thursday, battered by worries about whether the grounded Indian airline would fly again, while carriers such as SpiceJet rushed in to plug a supply gap in the wake of their rival’s demise.
The carrier, saddled with roughly $1.2 billion of bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217 million from its lenders, as part of a rescue deal agreed in late March. Low-cost rival SpiceJet Ltd said it would add 27 planes over the next two weeks, while India’s biggest airline IndiGo has been rapidly inducting new Airbus SE A320neos into its fleet.
“We are assisting airlines and airports to bring in capacity rapidly to ensure that fares remain stable and competitive,” the ministry said on its Twitter account on Wednesday. They added that they were “reasonably hopeful” the bid process will be successful in determining Jet’s fair value.
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