MUMBAI: Troubled carrier Jet AirwaysNSE -26.26 % has decided to temporarily suspend all flights from tonight, with no cash to run operations any further, said a person in the know.
“We got the information just 10 minutes back. We are still trying to process it,” said a person in the know.
While Jet had been running a bare minimum number of 35-40 flights for the last few days, a total grounding will significantly affect its value for potential investors that are undergoing a bidding process to invest in the airline. Jet’s shares yesterday fell close to 20% on rumours of an imminent shutdown. It closed 8% down at about Rs 242 on Tuesday close. Markets were shut on Wednesday.
