Jet Airways shares slump after co defers first-quarter results
New Delhi: Shares of India’s leading full-service carrier Jet Airways Ltd fell as much as 14.5 percent in early trade on Friday after the company deferred its first-quarter results.
Jet Airways, late on Thursday, said the audit committee did not recommend the results to the company’s board for approval “pending closure of certain matters”.
The airline, which is partly owned by Etihad Airways, has been facing financial troubles, although it said earlier this month it remains confident of being able to cut costs and keep flying despite reports it had warned staff it was running out of cash.
The airline said that its Board has deferred the consideration of unedited financial results for the first quarter of the current financial year 2018-19.
"Board of Directors of the Company, at its meeting held toda on Thursday deferred the matter of consideration of the unaudited financial results for the quarter ended 30 June, 2018," the airline said in a late evening BSE filing.
"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," it added.
Shares in the company, valued at about $500 million, were trading 6.5 percent lower at 0407 GMT while the broader Mumbai market was down 0.12 percent.