Intense pricing competition, a weak rupee and rising fuel costs weighed on domestic airlines in 2018.Debt-laden Jet Airways Ltd has delayed payment to a consortium of banks, led by State Bank of India Ltd, airline said late Tuesday.The payment of interest and principal instalment was delayed "due to temporary cash flow mismatch" and company is in talks with consortium.
The deadline for payment was December 31, 2018, Jet said in a statement.The 25-year-old airline is facing financial difficulties and owes money to pilots, lessors and vendors.
Intense pricing competition, a weak rupee and rising fuel costs weighed on domestic airlines in 2018.Jet and its second-largest shareholder Etihad Airways are in talks with bankers on a rescue deal that may involve Abu Dhabi-based airline increasing its stake from 24 per cent.