Jet Airways board defers Q1 results as audit committee refuses approval

(Photo courtesy: Jet Airways)

Facing financial headwinds, in a rare development, Jet Airways today deferred announcing the June quarter numbers to an unspecified late date.

In a BSE filing late in the evening, the Naresh Goyal-run airline, which had its AGM in earlier in the day, 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 today, Goyal said he felt "guilty and embarrassed" as shareholders have lost money after airlines' shares plummeted due to the financial woes.

The Jet counter has slumped over 12 per cent since July 2 and in intra-day trading today, it touched a 52-week low of Rs 286.95. From its 52-week high of Rs 883.65 on January 5, 2018, the counter tumbled 67.5 per cent to hit a one-year low of Rs 286.95 in intra-day trading today.

Amid rising concerns over the airline's financial health and proposed salary cuts, he said a new committee will be set up to improve public perception and negative publicity about it.