New Delhi: The Jet Airways pilots' strike is likely to continue on Wednesday. The strike is because they want two pilots who were sacked to be taken back. The jet management said no and the strike began.
Three hundred sixty three Jet pilots went on 'sick leave' on Tuesday after officially calling off a proposed strike. One hundred eighty six flights were cancelled, 13,000 passengers affected and five crore in lost ticket money.
So, in the end it was a bad day for passengers traveling with Jet Airways, many ended up with their flights canceled also another day in which jet hit turbulence while it's trying hard to change its battered image.
"Full refund has to be given to passengers," said Madhavan Nambiar, Aviation Secretary.
These are not the only numbers that has Jet worried.
The airline is extremely concerned about further damage to a brand that's already taken a severe hit with lay offs and protests by flight crew.
Far from being profitable, Jet's losses run deep. The company has a debt of over 16,000 crore rupees and reported a loss of 223 crore rupees in the last quarter.
While its pilots were not, the markets were kind to Jet.
Its stock took a beating in the morning but quickly recovered after Naresh Goyal reached out to the aviation authorities.
In the long term though market experts say the airline's future financial stability could take a hit and that's certainly not good news for a company that's out in the market to raise money.
"For starters airlines need to take off and land smoothly, FIIs will not look at this favourably," said Gaurang Shah, Market Analyst.
With its losses mounting, its position as India's largest private sector airline has been under threat.
Jet has been trying to battle that with re-branding exercise, now that exercise will only be more critical in determining the growth prospects of the airline going ahead.