Jet Airways hits 3-year low on Q1 results deferment; stock ends 8.5% lower

Shares of Jet Airways hit a three-year low of Rs 262, down 10% on the BSE on Friday in early morning trade after the company deferred announcing their June quarter numbers to an unspecified date.

On the National Stock Exchange (NSE), the stock hit a low of Rs 258, and was trading at its lowest level since June 16, 2015 in intra-day trade. The scrip, however, ended at Rs 276 levels, down 8.5%.

“This is to inform that the Board of Directors of the Company, at its Meeting held today, deferred the matter of consideration of the unaudited financial results for the quarter ended 30 June, 2018. It may be noted that the Audit Committee did not recommend the said financial results to the Board for its approval, pending closure of certain matters,” Jet Airways said in regulatory filing on Thursday after market hours.

The development came after the company's AGM on Thursday. Jet Airways Chairman Naresh Goyal has apologised to shareholders for the losses they suffered because of the sharp erosion in the airline’s share price.

Shares of India's second-largest domestic airline have tanked 70% from its 52-week high levels of Rs 844 touched on January 5, 2018 in intra-day trade.

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