Jet Airways slumps further on deferment of Q1 results
Aviation industry continues to feel the strain with major aviation stocks touching new lows. Jet Airways, in particular, has faced different headwinds pushing it to multi-year low.
The company informed the exchange that it has deferred the matter of consideration of unaudited results for the quarter ended June 30, 2018. Audit committee did not recommend the consideration of results due to pending matters.
This news led to further erosion of stock price by touching multi-year low of Rs. 258 per share in the last three years. Previously, the company touched its 52-week low on media reports of company’s inability to operate beyond 60 days.
Jet Airways is the second largest domestic carrier in the country after Indigo. The stock closed at Rs. 276.4 per share, down by 9.76 per cent on Friday.