Indian airline Jet Airways will “temporarily” halt all domestic and international flights after failing to find emergency funds to keep it afloat.

Jet had requested 4 billion rupees (£44m) from state-run banks while it sought an investor to acquire a majority stake in it. It had also requested around £166m from its lenders.

In a statement, the 26-year-old airline said: “Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going.

“Consequently, with immediate effect, Jet Airways is compelled to cancel all its international and domestic flights. The last flight will operate today.”

It described the flight suspension as “temporary”.

The airline added that it had “tried every means possible to seek both interim and long-term funding” over the last few weeks. It suspended all international flights on April 12.

Jet founder and chairman Naresh Goyal stepped down last month following pressure from potential investors, after which some thought state banks would agree to a cash injection.

A source from a state-run bank told Reuters: “Bankers did not want to go for a piecemeal approach which would keep the carrier flying for a few days and then again risk having Jet come back for more interim funding,”

Jet said it will now await a bid finalisation process that will conclude on May 10, 2019, which it hopes will lead “to a viable solution for the company.”

It said those with flights booked would be contacted via text or email and apologised for the disruption.

The UK’s Civil Aviation Authority has set up a page offering advice to those affected by cancellations.