Jet Air posts worst ever quarterly loss in Q2 as rise in fuel cost due to rupee depreciation bites

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 8.91 billion rupees for the fiscal second quarter to September 30, compared with a net loss of 997 million rupees in the same period a year earlier.

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