Jet Airways stock hits 52-week low as board defers June quarter result announcement
Since the start of this year, the shares of Jet Airways have tumbled a whopping 69 percent.
New Delhi: Shares of Jet Airways on Friday plunged 14 percent and touched its 52-week low in morning trade after the company deferred announcing the June quarter numbers.
In a BSE filing late last night, the Naresh Goyal-run airline said the board of directors has decided not to review the unaudited financial performance for the June quarter.
Following this, the shares of the company on Friday opened on a weak note at Rs 271.55, then fell to a low of Rs 261.60, down 13.29 percent, over its previous closing price on BSE.
Similar movement was seen on the NSE as well, where the stock opened at Rs 271.60, then fell 14.49 percent to its 52-week low of Rs 258.
The stock is on a downward trend for the last six consecutive sessions and has declined by 21 percent since August 2.
Since the start of this year, the stock has tumbled a whopping 69 percent.
"The audit committee did not recommend financial results to the board for its approval, pending closure of certain matters," the airline had said in the regulatory filing without offering more details.
Addressing the shareholders on Thursday, Goyal said he felt "guilty and embarrassed" as they have lost money.
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Jet Airways' financial woes have been worsened by rising crude oil prices and intense pricing competition in the domestic aviation industry
Naresh Goyal, who founded the full-service carrier 25 years ago, has also agreed to reduce his 51 percent stake in the airline