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Naresh Goyal pledges 26% Jet stake, more flights cancelled

Jet Airways founder Naresh Goyal has pledged 26% stake in the ailing airline as security for loans from Punjab National Bank, according to a regulatory filing reported on Wednesday, even as the airline entered into a phase of more turbulence.

The carrier announced that it was halting almost all international flights till Friday, except a handful of short haul flights to cities such as Dubai, as its fleet strength swindled rapidly due to an operational funds crunch.

An inability to pay for aircraft lease and even jet fuel on several occasions has severely hampered operations, leaving only 14 aircraft flying on Wednesday. In a separate filing to the stock exchange, the airline said it grounded 10 more planes. Officials are looking at whether Jet is still eligible to fly overseas.