Shares of Jet Airways touched an intra-day low of Rs 271.50, falling by 3.4 percent on Tuesday, reversing its 5 days of consecutive gain. The stock plunged on reports that the debt-laden aviation firm has delayed the payment to a consortium of Indian banks, led by State Bank of India Ltd.

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The payment of interest and principal installment was delayed "due to temporary cash flow mismatch" and the company is in talks with the consortium. The deadline for the payment was December 31, 2018, Jet said in a statement.

Jet and its second-largest shareholder Etihad Airways are in talks with bankers on a rescue deal that may involve the Abu Dhabi-based airline increasing its stake from 24 percent.

The stock has taken a massive hit of nearly 10 percent in the last 30 days, while it has fallen nearly 67 percent in the last one year.

Compared to Jet, rival InterGlobe Aviation, the owner and operator of IndiGo airlines, has risen 0.31 percent on Wednesday and has returned almost 13 percent in a month. The IndiGo stock has posted -2.75 percent returns in last one year, battered by intense price competition amid higher fuel cost that weighed on Indian airlines in 2018.

The BSE-listed SpiceJet traded negatively on Wednesday, slipping by 0.72 percent. In the last one year, the stock has dipped more than 38 percent.

At 11.10 am, SpiceJet shares traded at Rs 89.60, lower by 0.72 percent, while Jet Airways was down by 1.83 percent at Rs 275.90. IndiGo shares rose nearly half a percent to Rs 1172.

Meanwhile, benchmark indexes traded lower with the 30-share Sensex falling by 76 points, or 0.21 percent, to 36,178. The broader 50-share Nifty slipped by more than 32 points, or 0.30 percent, to 10,877.

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First Published:Jan 2, 2019 11:44 AM IST