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Tuesday, 8 January 2019

Jet Airways falls over 1% on buzz of banks seeking Goyal's exit from Board, fall in passenger numbers - @The GRS Solution


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Banks want Goyal to give up majority control and step down from the Board of the carrier. It has suggested that his son, Nivaan Goyal replace him on the Board.

Shares of Jet Airways fell over a % in morning trade on Wednesday as investors reacted to multiple developments.

The Naresh Goyal-led airline flew 14.7 lakh passengers in November 2018, down by about 1.5 lakh passengers from January.

In January 2018, the airline had flown 16.2 lakh passengers, show statistics from the DGCA.

Additionally, investors turned wary of State Bank of India (SBI) seeking a progress of turnaround plan by the airline, CNBC-TV18 reported, quoting banking sources.


Further, the report added that banks want Goyal to give up majority control and step down from the Board of the carrier. It has suggested that his son, Nivaan Goyal replace him on the Board.

SBI-led banks are now working on restricting led financial resolution plan under the central bank’ February 12 circular. They could look at converting part of debt into equity as part of restructuring plan. Goyal and Etihad have been asked to infuse capital into the airline.

If the recast plan is approved, banks could allow moratorium on loan repayment till April.


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