Jet Airways posts worst quarterly loss of Rs 891 crore

Jet Airways in which Abu Dhabi's Etihad is buying a stake, reported its worst quarterly loss on record as carriers in Asia's third-biggest economy battle high fuel costs and taxes.

Mumbai-based Jet, India's second-biggest carrier by domestic market share, reported a net loss of Rs 891 crore (Rs 8.91 billion) for the fiscal second quarter to September 30, compared with a net loss of Rs 99.7 crore (Rs 997 million) in the same period a year earlier.

Jet has won the cabinet's approval to sell a 24 percent stake to Etihad for about $334 million, but is yet to complete the deal as it awaits other approvals.