Jet Airways News: SBI to take the carrier to NCLT, Jet Airways share price Falls to an all-time low. Piramal Enterprises sells entire stake in Shriram Transport. Reliance Capital sells 10.75% stake in RNAM. Qatar’s sovereign wealth fund in talks to invest in ed-tech start-up Byju’s. Huawei faces almost 60% decline in international smartphone shipments. Amazon in talks to invest in grocery supply chain platform NinjaCart. PE investors seek details about Yes Bank. Airtel Africa to offer shares at 15% discount in upcoming IPO. DoT backs penalties on Airtel and Vodafone Idea.
Moving on to the top Business news today:
Lenders of Jet Airways led by SBI to take the carrier to NCLT, seek resolution under IBC. Jet Airways share price falls to an all-time low.
Weighing the Options: Lenders of the grounded Jet Airways are set to meet today in order review a possible resolution for the private carrier and also discuss whether bankruptcy may be the most viable option as no serious proposal has not been received so far.
Lenders also have the option to pay INR200cr to the US Exim Bank and take charge of six Jet Airways planes, but as per experts, they are unlikely to opt for such a plan.
The Burden of Debt: After running out of cash and failing to raise interim loans from banks, the airline suspended all flights on April 17. Jet has accumulated debt of nearly INR8,500cr on its books with total liabilities of around INR25,000cr.
Share Plunge: Jet Airways share price fell to an all-time low of INR69.75 before closing at INR66.95 (-18%).