Jet Airways shares continue to fall; tank 8% amid concerns over I-T officials conducting survey of its premises

Jet Airways on Friday said Income Tax officials have been conducting survey of its premises since 19 September.

Press Trust of India September 21, 2018 12:47:17 IST
Jet Airways shares continue to fall; tank 8% amid concerns over I-T officials conducting survey of its premises

New Delhi: Shares of Jet Airways continued to fall for the second straight session Friday, tumbling 8 percent amid concerns over Income Tax officials conducting survey of its premises.

After a weak opening, shares of the company further plunged 8 percent to Rs 224.70 -- its 52-week low -- on BSE.

At NSE, shares of the company slumped 7.11 percent to hit a one-year low of Rs 225.85.

Jet Airways shares continue to fall tank 8 amid concerns over IT officials conducting survey of its premises

Representational image. Reuters.

The stock had fallen nearly 4 percent Wednesday also.

Stock markets were closed Thursday for a local holiday.

Jet Airways on Friday said Income Tax officials have been conducting survey of its premises since 19 September.

On Wednesday, sources said the I-T Department is inspecting the books to ascertain whether there have been falsification of accounts, suspicious dealings and other possible violations.

In a regulatory filing Friday, the carrier said I-T officials are conducting a survey of the premises of the company since 19 September.

"The company is fully cooperating with the authorities and is responding to the queries by the Income Tax authorities," it said.

The airline reported a net loss of Rs 1,323 crore for the June quarter on 27 August. The carrier is also under the regulatory lens for deferring the results, which were initially scheduled to be announced on 9 August.

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