Jet Airways shares plunge 5% amid massive flights cancellation after grounding a large part of fleet

New Delhi: Shares of debt-ridden Jet Airways fell by 5 percent on Tuesday amid massive cancellation of flights by the airline due to grounding of a large part of its fleet.

The shares of the company plunged 5 percent to Rs 225.10 on the BSE.

On the NSE, shares declined 4.77 percent to Rs 225.45.

Civil Aviation Minister Suresh Prabhu on Tuesday directed his ministry’s secretary to hold an emergency meeting on Jet Airways massively cancelling flights after grounding of a large part of its fleet.

The minister’s direction came in the wake of the airline drastically reducing its operations due to liquidity crunch.

“Directed Secretary, @MOCA GOI to hold an emergency meeting on grounding of flights by Jet Airways, advance bookings, cancellations, refunds and safety issues, if any,” Prabhu said in a tweet.

Meanwhile, Jet Airways aircraft maintenance engineers’ union wrote to aviation regulator Directorate General of Civil Aviation (DGCA) on Tuesday that three months of salary was overdue to them and flight safety “is at risk”.

The airline on Monday said it had grounded four more planes, taking the number of aircraft that are non-operational due to non-payment of lease rentals to 41.