Jet Airways has missed a payment to Indian lenders in the latest sign of mounting strains at the country’s second largest airline by passengers, after losses worsened a cash crunch. The setback underscores a lack of progress lining up sufficient funds for debt payments after the beleaguered carrier approached banks for a moratorium on loans and asked for fresh funds in October. Shares in Jet Airways closed down 6.1%, the sharpest decline in more than 3 weeks. The missed payment prompted a downgrade on ratings of its loans and bonds by credit assessor ICRA to D, a score that signifies that borrowers are in default or are expected to be soon. The beleaguered carrier said that payment of interest and principal instalment "has been delayed due to temporary cash-flow mismatch". <br/>