Indian's jet airways reports loss, shares plummet

Jet Airways, India's second-biggest domestic airline, reported Tuesday a second-quarter net loss blamed on low air traffic, a strike by pilots and overcapacity. The airline posted a net loss of 4.06 billion rupees (88 million dollars) for the quarter ending September, from a loss of 3.84 billion rupees a year earlier. Jet shares fell 36.4 rupees or 9.05 percent to 365.8 on the Mumbai stock exchange on Tuesday. "The company suffered losses mainly from lower yields, due to intense competition and overcapacity," Jet executive director Saroj Dutta said in a statement to the Mumbai stock exchange. Revenues for the quarter fell 25 percent to 23.2 billion rupees. Jet said disruptions in September due to a pilots' strike also contributed to the losses. Jet's pilots went on a five-day walk-out, taking mass sick leave after the management sacked two senior pilots for setting up an unrecognised trade union. Thousands of Jet customers were forced to change their travel plans in one of the biggest aviation disruptions in India in recent years, affecting hundreds of domestic and international services.