NEW DELHI: Shares of Jet AirwaysNSE -10.28 % tanked over 13 per cent to hit an all time low of Rs 79.65 in Friday’s session after reports that DGCA has cancelled critical authorisations to Jet Airways’ engineering department.
ET reported, quoting sources, that India’s aviation regulator has cancelled critical authorisations to Jet Airways’ engineering department, rendering the grounded airline defunct and unable to carry out any maintenance work on aircraft.
The action taken by the Directorate General of Civil Aviation (DGCA) will impact the airline’s most critical assets, its planes, which are in constant need of maintenance and preservation even as they are grounded.
