The shares of India’s second largest air carrier Jet Airways plunged as much as 14.5 percent in the early trade today from the previous close of INR 301.70 after the company deferred its Q1 results.
The company yesterday said in an exchange filing that the audit committee didn’t recommend Q1 earnings results to the board of the company for approval “pending closure of certain matters”.
The shares of Jet Airways were trading at INR 277.80 down 7.92% on Bombay Stock Exchange.
The airline has been facing fiscal turbulence for some time now, even though earlier in August this year it said that it’s confident of slashing operational costs and keep flying. Earlier last week, the airline also denied reports that it is only left with cash to run for 60 more days.
Yesterday, Jet Airways Chairman Naresh Goyal said that he felt “guilty and embarrassed” for the reason that many of the company’s shareholders have lost their investments as the company shares fell amid fiscal troubles.
Since July 12, the shares of the full-service air carrier have plunged more than 12 percent.
Naresh Goyal, who is also the founder of the company, said that competition and fuel prices both are on the rise.
He addressed the shareholders at the Jet Airways’ annual general meeting (AGM) yesterday. As many shareholders have lost the money invested in the company’s stock, I feel guilty and embarrassed, he had said.
The shares of Jet Airways have plunged 67.5 percent to hit a 1-year low of INR 286.95 in intra-day trading yesterday.