competitive pricing and high-cost base will mean continued losses in the short term
A section of media has reported that Tata group is conducting due diligence of Jet Airways to buy the full-service carrier
Saurabh Agarwal, chief financial officer of Tata Sons, is leading the discussions
Fuel expenses jumped 58.6 per cent to Rs 24.20 billion, while revenue from operations climbed 9.5 per cent
Ailing airline likely to report third consecutive quarterly loss
Mehta was also a member of the airline's audit committee and his resignation comes three days before the finalisation of the company's second-quarter results
Mehta has submitted his resignation as an independent director with effect from November 9
Currently, Jet Airways and SpiceJet fly Boeing 737 MAX planes in India. Together, there are at least six such aircraft with the two carriers
The Tata group is also said to be evaluating how it would turn around the airline in an event of acquisition while group sources are calling discussions between the two as exploratory
he stock gained 2.05 per cent to end at Rs 255.90 on BSE
The stock was up 5% to Rs 264 on the BSE, trading at its highest level since September 19, 2018.
Tata already owns two airline ventures in India - full-service carrier Vistara, in partnership with Singapore Airlines and AirAsia India, along with AirAsia Berhad
Jet's move is seen as unprecedented because the bonus is paid upon the completion of sales target after the close of the financial year
A 25 per cent instalment was paid last month
Sources said Jet Airways was in negotiation with the Mumbai lounge operator to reduce charges for use of facilities
Jet Airways clarified that it is 'current on its payments to the Airports Authority of India (AAI) and no show cause notice has been received by the company from the AAI'
Besides Mumbai-Manchester, the airline would operate flights on the Pune-Singapore route starting from December 1
Jet has been in restructuring mode for the past 5 years with no signs of a turnaround
As Jet struggles, Naresh Goyal's days at the airline's helm look numbered
Lessors have also served notices for payment default and indications are the airline may return five-seven of its older Boeing 737 planes to resolve the dispute