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India's Jet plans big cost cuts after record Q4 loss

It names new CEO, plans network, fleet changes as FY loss rises to 41.3b rupees

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High costs: Jet Airways said costs leapt by 29 per cent during the fourth quarter from a year earlier while it took a one-off seven billion rupee charge on its low-cost carrier Jetlite. - PHOTO: BLOOMBERG

[NEW DELHI] India's Jet Airways, partly owned by Gulf carrier Etihad, announced on Tuesday its biggest quarterly loss and vowed "stringent" cost-cutting steps as it struggles to become profitable in the fiercely competitive market. The country's second-largest airline by market share reported