Jet Airways Shuts Down!
Jet Airways suspended on Wednesday all the domestic and international flights with immediate effect owing to their financial problems. The tweet that held the news was captioned, “With deep sadness and a heavy heart we would like to share that, effective immediately, we will be suspending all our domestic and international flight operations."
Since there has been an extreme lack of funding, the decision had to be taken as no flight operations are possible without interim funding. The banks refused the flow of money without additional collateral. The decision has made all the Jet airways fliers emotional and heartbroken.
Naresh Goyal was advised to step back and make way for a new investor. The fall of the jet is a story of the fall of its founder. The bidding process for the Jet shareholders will be crucial to watch. The process is to be concluded on May 10.
Other airlines are surely gaining at the expense of Jet Airways. Spice jet Lt and InterGlobe Aviation Ltd shares have already increased by 40% and 60%, respectively, so far this calendar year.
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-Team Social Mela