Jet Airways gets a breather with credit from PNB

Jet Airways, which is presently going through turbulent times due to heavy debt and cash crunch, has received temporary breather as it has secured loan worth Rs 2050 crore from the government-owned Punjab National bank in foreign currency term loans (Rs 1100 crore) and a non-fund based credit facility (Rs 950 crore).
 
In the last one month, around 49 leased aircrafts of Jet airways have been grounded on account of failure to pay rents. The salary of the air carrier's staff is not being paid on time and even dues have accumulated over the past few months. Amidst such stressful times, this loan from PNB would give wings to Jet Airways to fly for some more time.
 
As on 30 September 2018, the company's total debt was at Rs 5228.8 crore. In the last four consecutive quarters, the company has been reporting net losses.
 
With the abovementioned positive development, the stock of Jet Airways today jumped nearly 5 per cent and made an intra-day high of Rs. 254.50 on the BSE. The stock had hit its 52-week high of Rs. 732 on March 15, 2018 and its 52-week low of Rs. 163 on October 1, 2018 on the BSE.