Mumbai
The Naresh Goyal-run Jet Airways today reported a whopping Rs 1,323 crore of net loss for the three months to June owing to higher fuel cost and other expenses due to the falling rupee.

The ongoing cash crunch has forced the airline to embark on a Rs 2,000-crore cost-cutting drive and stake sale in its loyalty programme Jet Previlage as part of capital infusion.

The airline, which publicly admitted to cash flow issues, had posted a net profit of Rs 53.50 crore in the year-ago period.