New Delhi
Crisis-hit Jet Airways has defaulted on repayment of loans to a consortium of Indian banks, according to a filing.Shares of the airline tumbled 5 per cent to Rs 267 in afternoon trade on the BSE on Wednesday.

The SBI is already carrying out a forensic audit of Jet Airways for alleged irregularities.The carrier has posted three consecutive quarterly losses of over Rs 1,000 crore each since March 2018.Rating agency Icra on Wednesday downgraded its ratings on the airline’s long-term and short-term fund facilities.

The full service carrier, which has been grappling with financial woes for some time now, has been making delayed salary payments to its staff.The airline, which is also looking to raise fresh funds, said it has engaged with them in relation to the loan repayments.

“There have been delays in the implementation of the proposed liquidity initiatives by the management, which have aggravated its liquidity. The company has already been delaying its employee salary payments and lease rental payments to the aircraft lessors,” Icra said in a note.