Jet Airways plunge on ratings downgrade by ICRA

MUMBAI: Shares of Jet Airways were witnessing selling pressure as credit-rating agency ICRA downgraded the company’s debt to "D" rating from "BB" after it "got information" on payments by the airline.

"Indeed Jet has been downgraded to "D" rating because of cases of defaults. We have been informed of the same by financial institutions and the airline's auditors," said Naresh Takkar, managing director and CEO of the agency to ET.

He didn't elaborate on the amount Jet had defaulted on.

According to Icra's rating scales, "Instruments with 'D' rating are in default or are expected to be in default soon."

At 09:30 a.m.; the stock was at Rs 236.55, down 3.27 per cent on the BSE. It fell 4.92 per cent to touch intraday low of Rs 232.50.