Ways2capital Stock Update : Jet Airways falls over 1% on buzz of banks seeking Goyal’s exit from Board, fall in passenger numbers

Shares of Jet Airways fell over a percent 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.

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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