Jet Airways Defaults On Debt Payment To Banks, Shares Plummet Nearly 6%

Cash-strapped Jet Airways said late Tuesday it defaulted on debt payment to a consortium of banks, prompting ratings agency ICRA to downgrade the carrier and sending its shares sharply lower. The payment of interest and principal instalment was delayed "due to temporary cash flow mismatch", Jet said in a statement, adding that it was in talks with the consortium led by State Bank of India. The deadline for payment was Monday, Decembe...