Jet Airways said on January 1 that it defaulted on a payment to a consortium of banks led by the State Bank of India.
Shares of cash-strappedÂ Jet Airways plunged as much as 5.6 percentÂ intraday on January 2 after the company defaulted on a payment to banks and a rating downgrade by ICRA.
The airline had said on January 1 that it defaulted on a debt payment to a consortium of banks led by the State Bank of India.
ICRA downgraded long-term rating of Jet Airways to D from C.Â The short-term rating has been revised to D from A4.
"This rating downgrade considers the delay by the company in the payment of interest and principal instalment due on December 31, 2018," Jet Airways said in a statement.
At 1316 hours, Jet Airways was quoting at Rs 267.90 on the BSE, down 4.68 percent.