April 16, 2019 / 7:41 AM / 2 months ago

BUZZ-India's Jet Airways slumps after reports of complete suspension of ops

(Updates)

** Jet Airways shares slump more than 17 pct in afternoon trade after television channel ET Now reports, citing sources, that co’s management proposes to suspend all operations

** Channel also reports former Chairman Naresh Goyal has withdrawn from wanting to bid for a stake in the company

** Rivals Interglobe Aviation up 3 pct to record high; Spicejet jumps more than 8 pct in afternoon trade following the report

** Co had announced plans to extend suspension of international flights until Thursday

** The airline, which owes vast sums to lessors, is saddled with some $1.2 bln of bank debt

** Co says funding has not been forthcoming so far; it has been struggling to get a stop-gap loan from lenders as part of a rescue deal (Derek.francis@tr.com)

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