This post was updated on April 17.
The past year has been a harrowing one for India’s oldest private airline, Jet Airways.
The carrier has been in the red for several quarters. Its founder Naresh Goyal had to give up the reins last month after lenders took charge of the organisation. The Mumbai-based carrier has now run out of money to continue operations, it said in a statement today (April 17).
Here’s a look at everything that’s gone wrong with India’s second-largest carrier by market share in the last year:
|March 2018||Jet Airways reports a loss of Rs1,036 crore in the Jan-March quarter as revenue declines and costs increase significantly. The company defers the March salaries of some employees citing “circumstances beyond its control.”|
|April 2018||Bows out of bidding for Air India citing the complex process.|
|May 2018||The government refuses to approve Jet’s merger with its subsidiary JetLite, nearly three years after the proposal was made.|
|June 2018||Jet announces new check-in baggage norms. The 15kg of free check-in luggage for economy class will have to be in one bag. Business class passengers can carry 30kg in two bags.|
|August 2018||Considers a 25% pay cut for employees.|
|August 2018||Indefinitely defers announcement of financial results for the April-June quarter of financial year 2019.|
|August 2018||On Aug. 12, the Directorate General of Civil Aviation announces an audit to assess Jet’s financial health. State Bank of India asks the firm to provide enough collateral for emergency funding.|
|August 2018||On Aug. 27, the company announces losses of Rs1,323 crore for the April-June 2018 period.|
|September 2018||On Sep.19, the income-tax department conducts surveys in the company’s Mumbai and Delhi offices over allegations of financial misappropriation.|
|September 2018||The next day (Sep. 20), around 30 passengers on a Jet Airways flight from Mumbai to Jaipur suffer nose and ear bleeding after the cabin crew forgets to activate the internal pressure control. India’s civil aviation minister Suresh Prabhu orders a safety audit of all airlines and airports.|