Jet Airways shares fall over 3% after firm says it defaulted on loan repayment

New Delhi: Shares of Jet Airways Wednesday fell over 3 per cent after the crisis-hit firm said it had defaulted on loan repayment to banks.

The stock declined 3.39 per cent to Rs 271.50 on BSE.

On NSE, shares of the company fell 3.13 per cent to Rs 272.

The full-service carrier has been grappling with financial woes for quite some time now and has been making delayed salary payments to staff.

"Payment of interest and principal installment due to the consortium of Indian banks (led by State Bank of India) on December 31, 2018, has been delayed due to temporary cash flow mismatch," the company said in a regulatory filing.

The company has engaged with them (banks) in relation to the same, Jet Airways added.