Jet Airways India Ltd.’s fleet has shrunk by almost 90 per cent as the cash-strapped airline struggles to find funds to operate, forcing the nation’s oldest surviving private airline to drastically curtail its scheduled flights amid a hunt for a new investor.
The carrier, once India’s biggest by market capitalisation, was forced to ground 10 more jets after it failed to pay lease rentals on time, Jet said in a stock exchange filing Thursday. That means the carrier is now operating fewer than 20 planes, compared with a fleet of 124 as recently as January.
