Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Jet Airways (India) Ltd    JETAIRWAYS   INE802G01018

JET AIRWAYS (INDIA) LTD

(JETAIRWAYS)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

'Can't sleep at night': Despair over jobs as India's Jet Airways grounded

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/18/2019 | 09:35am EDT

MUMBAI (Reuters) - Bhoja Poojari has handled baggage for India's Jet Airways Ltd since it began flying nearly 26 years ago. Now, like many other Jet employees, he fears for the future as the debt-laden airline descends into crisis.

"If this continues, I do not know what to do," said the 53-year-old father of two, who has not been paid in nearly two months and may be forced to sell his house.

"I feel like my hands are tied and I can't sleep at night," Poojari told Reuters. "I haven't told my children anything. They are very young, but they know something is wrong."

Thousands of employees have been stung by the rapid unravelling of Jet Airways, which, saddled with more than $1.2 billion (£922.5 million) in bank debt, grounded all its planes on Wednesday after lenders rejected a plea for emergency funds.

The shutdown has deepened the crisis as dues to lessors, staff and suppliers pile up and lenders scramble to find a buyer for what was once India's largest private airline.

Jet Airways CEO Vinay Dube told employees on Wednesday that the sale would take time and could throw up more challenges, but he was confident the airline would fly again.

Failure would threaten more than 16,000 staff jobs and thousands more tied to the airline, which at its peak operated over 120 planes and more than 600 daily flights.

More than a dozen employees told Reuters they had gone two to four months without pay. Many grapple with unpaid bills, overdue home loans, school and tuition fees.

"We have stopped going out for movies, to restaurants or any other form of entertainment," said a Jet engineer, who is self-tutoring his children after cancelling private tuitions.

He is listed as a defaulter in his community for failing to meet his building maintenance fee payments. "It's a huge stigma for my family," he said, declining to be named.

'SAVE OUR FAMILY'

Hundreds of angry employees have protested in New Delhi and Mumbai, accusing management of leaving staff in the dark about the airline's worsening crisis.

"Management never gives us a clear picture," airline union leader Chaitanya Mainkar shouted during a protest at Mumbai's international airport on Friday where employees chanted slogans and waved posters that read "Save Jet Airways, Save Our Family."

Jet pilots appealed for intervention from Prime Minister Narendra Modi, who is facing wider criticism over the scarcity of jobs as he campaigns for re-election in polls now underway.

Last month, Modi asked state-run banks to rescue Jet Airways without pushing it into bankruptcy, averting thousands of job losses. But the airline never received the agreed stop-gap loan of about $217 million.

"At least now we know the talks about caring for employment, creating jobs is all an eyewash," Captain Asim Valiani, vice president of the National Aviator's Guild representing Jet pilots, told Reuters after the shutdown.

"I've been with Jet for 23 years and am shattered today. I don't know what I will tell our pilots," he said, adding the guild would take the airline to court to seek unpaid wages.

MURKY FUTURE

Jet Airways has lost key employees as the crisis unfolded.

About 400 pilots have moved to other airlines, leaving Jet with about 1,300 pilots, said a senior Jet pilot. About 40 engineers have also left, a senior engineer said.

Some veteran employees remain loyal to the airline and hope it can be restored to its former glory.

"I have worked here from the beginning - first day, first show," said Anil Sahu, a 50-year-old baggage handler with 25 years of service.

"Even after all of this, we have trust in Jet. It's a tsunami that has come, but we hope everything will return to normal," he said. 

Other senior employees like Poojari say they will struggle to find work if the airline fails.

"If I had quit earlier there was still a chance of moving on, but after 26 years and having crossed 50 (years of age), where will I find a job?"

(Reporting by Abhirup Roy and Tanvi Mehta; Editing by Euan Rocha and Darren Schuettler)

By Abhirup Roy and Tanvi Mehta

Stocks mentioned in the article
ChangeLast1st jan.
JET AIRWAYS (INDIA) LTD -4.70% 148.15 End-of-day quote.-46.60%
PUNJAB NATIONAL BANK 5.38% 88.2 End-of-day quote.12.93%
STATE BANK OF INDIA 3.84% 355.35 End-of-day quote.20.09%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on JET AIRWAYS (INDIA) LTD
05/25JET AIRWAYS INDIA : founder Naresh Goyal and wife stopped from leaving India - a..
RE
05/21Billionaire Hinduja brothers weigh bid for India's Jet Airways
RE
05/17JET AIRWAYS INDIA : Employees offer to lend a shoulder to Jet Airways
AQ
05/14India's Jet Airways sees management exodus as rescue hopes dim
RE
05/14India's Jet Airways sees management exodus as rescue hopes dim
RE
05/11JET AIRWAYS INDIA : Another jolt for Jet as EY audit red-flags books
AQ
05/11JET AIRWAYS INDIA : Govt inspected Jet Airways' books after allegations of fraud
AQ
05/10JET AIRWAYS INDIA : Etihad submits bid for India's Jet, eyes minority stake
RE
05/10JET AIRWAYS INDIA : State Bank of India gets sealed bid for Jet Airways from Eti..
RE
05/10JET AIRWAYS INDIA : Etihad interested in re-investing in India's Jet subject to ..
RE
More news
Financials (INR)
Sales 2019 260 B
EBIT 2019 -24 709 M
Net income 2019 -35 380 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020
Capi. / Sales 2019 0,06x
Capi. / Sales 2020 0,06x
Capitalization 16 829 M
Chart JET AIRWAYS (INDIA) LTD
Duration : Period :
Jet Airways (India) Ltd Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends JET AIRWAYS (INDIA) LTD
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 3
Average target price 168  INR
Spread / Average Target 13%
EPS Revisions
Managers
NameTitle
Vinay Dube Chief Executive Officer
Naresh Goyal Non-Executive Chairman
Amit Agarwal Chief Financial Officer & Deputy CEO
Shrimanikandan Ananthvaidyanathan Chief Information Officer
Gaurang Shetty Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
JET AIRWAYS (INDIA) LTD-46.60%243
DELTA AIR LINES INC.8.46%35 429
UNITED CONTINENTAL HOLDINGS INC-3.51%21 258
AIR CHINA LTD.9.42%16 279
RYANAIR HOLDINGS-3.35%13 167
ANA HOLDINGS INC-3.82%11 810