New Delhi (CNN Business) Jet Airways has finally been grounded.

The once-mighty Indian carrier said in a statement Wednesday that it was suspending all flights after failing to secure emergency funding from the country's banks.

The airline has been struggling for months to stay in business and the announcement follows weeks of speculation over its fate.

"This has been a very difficult decision but without interim funding, the airline is simply unable to conduct flight operations," Jet Airways said in statement.

Shares in the company fell more than 30% in Mumbai on Thursday.

Read More