New Delhi, Aug 3: Hours after reports claimed that Jet Airways is staring at its worst financial crisis, the private carrier issues a clarification calling them malicious.

The airline categorically denied any conjecture of stake sale, calling it misreporting by a section of the media. In the statement issued by the company's CEO Vinay Dube, he said the carrier is only aiming to enact steps which would cut down costs and maximise revenue.

"The company has been implementing several measures to reduce costs as well as realize higher revenues...some of these areas amongst others includes sales and distribution, payroll, maintenance and fleet simplification," Dube said.

Reports earlier in the day said Jet Airways' founder Naresh Goyal is considering to sell 20 per cent of his stakes from the company.

The carrier, reports added, is also looking to sell -off its non-core assets, including real-estate and 17 wide-bodies planes.

Conceding that the airlines is facing financial stress to an extent, Dube said it is no different that what other carriers are experiencing. "The aviation industry is currently passing through a tough phase due to the depreciating rupee and a mismatch between high fuel prices and low fares," the CEO said.

Dube, however, clarified that the market volatility will not spell doom for Jet Airways as it has survived such turbulent situations in its 25 years of existence.

(The above story first appeared on LatestLY on Aug 03, 2018 10:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).