operations: The airline has been struggling for months to stay in business and the announcement follows weeks of speculation over its fate, according to CNN. This has been a very difficult decision but without interim funding, the airline is simply unable to conduct flight operations, Jet Airways said in statement. The once-mighty Indian carrier said in a statement Wednesday that it was suspending all flights after failing to secure emergency funding from the country's banks. Shares in the company fell more than 30% in Mumbai on Thursday. It's a huge blow to India's aviation industry as it struggles to meet soaring demand while keeping costs low. Read More The carrier's collapse is the biggest in India since the failure of fugitive billionaire Vijay Mallya's Kingfisher Airlines in 2012.
(news.financializer.com). As
reported in the news.
Tagged under operations, announcement topics.