India’s Jet grounds four planes after failing to pay lessors

Mumbai: India’s Jet Airways has grounded four planes after failing to pay lessors, the airline said, in the latest evidence of financial distress at the debt-laden carrier. The airline — India’s second-largest by market share — is buckling under the weight of debts worth $1.1 billion and is urgently seeking funds to continue flying. The Mumbai-based carrier has been badly hit by fluctuating global crude prices, a weak rupee and fierce competition from budget rivals which has sparked price wars. Millions of dollars have been wiped off its market capitalisation over the past year. “Four aircraft have been grounded due to non-payment of amounts outstanding to lessors under lease agreements,” the carrier said in a statement to the Bombay Stock Exchange late on Thursday. — AFP