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Jet Airways stock falls over 13% after board defers consideration of June-quarter results

The stock fell 13.29% intra day to 261.60 compared to its previous close of 301.70. The market capitalisation of the stock fell to Rs 3164.82 crore on BSE. It fell to fresh 52-week low of 261.60 level.

Jet Airways stock falls over 13% after board defers consideration of June-quarter results

The Jet Airways shares slumped over 13 percent in early trade after the airline deferred consideration of June-quarter results on Thursday. At 9:26 am, the stock fell 7.91% or 24 points to 277 level on the BSE.

The stock fell 13.29% intra day to 261.60 compared to its previous close of 301.70.

The market capitalisation of the stock fell to Rs 3164.82 crore on BSE. It fell to fresh 52-week low of 261.60 level. It closed 8.39% or 25 points lower at 276.40 on BSE. 

The small cap stock is down 66.75% since the beginning of this year and has lost 50.71 percent during the last one year.

The board announced the deferment of Q1 earnings after the company's AGM on Thursday.

In a BSE filing late in the evening, the airline, said the board of directors decided not to review the unaudited financial performance for the June quarter.

"The audit committee did not recommend financial results to the board for its approval, pending closure of certain matters," the airline said in the regulatory filing without offering more details.

Addressing the shareholders on Thursday, chairman Naresh Goyal said he felt "guilty and embarrassed" as shareholders have lost money, after airlines' shares plummeted due to the financial woes.

On Thursday, the stock hit a 52-week low of Rs 286.95. From its 52-week high of Rs 883.65 on January 5, 2018, the shares tumbled 67.5 per cent to hit a one-year low of Rs 286.95 in intra-day trading yesterday.

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