Jet Airways under pressure

Jet Airways India was once at the forefront of India’s rapidly growing market for air travel, but budget carriers and surging fuel prices are backing the airline into a corner.

Shares of the carrier, part-owned by Etihad Airways PJSC, plunged 15% on Friday in Mumbai after the company postponed announcing its first-quarter earnings, less than a week after denying a report that it needs drastic measures to cut costs and bolster its finances.

India, the world’s fastest-growing major aviation market, is also one of the toughest, with premium carrier Kingfisher Airlines collapsing and legacy Air India needing repeated state bailouts.