Airlines around the world do not have to pay taxes on oil and therefore are emerging stronger

The airline has chalked out a cost reduction programme of more than Rs 2,000 crore over two years in addition to plans for better inventory management, improving pricing and monetising its well-established 8.5 million member JetPrivilege programme.

A senior ministry official said the Registrar of Companies (RoC) has asked for details from the airline about certain issues and that the process is going on. Specific details could not be immediately ascertained.

Jet Airways chairman Naresh Goyal met aviation secretary RN Choubey on Monday and apprised him of the ongoing crisis.

Jet Airways, however, claimed that its account with SBI and all other banks is \"standard\" and it has not defaulted on any of its payment obligations.

'No' says Jet Airways emphatically. But with mounting losses, negative net worth of Rs 7,100 crore and liabilities well in excess of assets, it may be very, very close.

The buzz earlier was that having posted a loss of Rs 1,040 crore for the fourth quarter of fiscal 2018, the airline was in serious damage control mode and had informed its employees that a 5-25 per cent salary cut was on the cards.

Jet's expenses has registered a steep rise, primarily led by aviation turbine fuel cost, foreign exchange losses, loans advances to subsidiary JetLite, and aircraft maintenance charges.

Jet Airways refuted the claim in a regulatory filing. \"The statement 'Can't fly beyond 60 days, Jet tells staff', as appeared in the media, is incorrect and malicious,\" the airline informed the stock exchange.

At 9:21 am, the Jet Airways stock was down 7.21% or 30.35 points to 392 level. The stock closed at 421 level in Wednesday's trade.  The stock hit a fresh 52-week low of 386.05 level, breaching the previous yearly low of 389 level. On Wednesday, the company's scrip ended at Rs 421.15, up 0.23 per cent on the BSE.

Naresh Goyal-promoted Jet Airways today reported a standalone net loss of Rs 1,036 crore in the March quarter due to rise in oil prices and weaker rupee.

Things are looking up for the aviation sector in the country and the airlines are gearing up to service the ever-increasing demand. Full-service carrier Jet Airways has entered into an agreement with Chicago-based aircraft manufacturer Boeing to purchase 75 B-737 Max aircraft.

After the country's largest budget airline IndiGo expressed interest to buy Air India's international operations last year, a consortium led by full-service carrier Jet Airways along with European airliner Air France-KLM and US-based Delta Airlines has expressed interest in the disinvestment of national carrier Air India.

Airbus has estimated that India will need some 1,750 new passenger and cargo aircraft over the next 20 years to meet the exponential growth in passenger and freight traffic.

Boeing even said in July last year that it expected Indian carriers to order up to 2,100 new airplanes worth USD 290 billion over the next 20 years.

During the international meet Wings India 2018, organised by the Federation of the Indian Chambers of Commerce and Industry (FICCI) in Hyderabad, Dinesh A Keskar, Senior Vice President of sales, Asia Pacific and India, Boeing, said the government's Udan scheme could open up a new market for aircraft makers like Boeing.