Jet Airways shares skid 2 pct after poor earnings

Oct 24 2013, 19:07 IST
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Jet Airways blamed a steep fall in the rupee, slowdown in the domestic aviation market and rise in fuel costs for its net loss. Reuters Jet Airways blamed a steep fall in the rupee, slowdown in the domestic aviation market and rise in fuel costs for its net loss. Reuters
SummaryJet Airways shares settled at Rs 339.75 apiece, down 1.82 per cent on the BSE Sensex.

Shares of Jet Airways today slipped by about two per cent down after the Naresh Goyal-run airline reported its worst quarterly loss of Rs 891 crore.

Its shares settled at Rs 339.75 apiece, down 1.82 per cent on the BSE Sensex, while the stock ended 2.22 per cent down at Rs 338.70 apiece at the National Stock Exchange (NSE).

In the intra-day trade, Jet Airways opened on a weak note and then slumped 6.06 per cent to Rs 325.05 on the BSE.

Similar movement was witnessed on the NSE as well where the company opened at Rs 330 but fell 6.42 per cent to an intra-day low of Rs 324.15.

In terms of market capitalisation, Jet Airways witnessed a marginal Rs 54 crore drop to end the session with a market value of Rs 2,933 crore.

Jet Airways had blamed a steep fall in the rupee, slowdown in the domestic aviation market and rise in fuel costs for a sharp widening in standalone net loss at Rs 891 crore in the July-September quarter.

It had logged Rs 99.7 crore loss in the year-ago period.

According to market experts, the decline in the counter was largely because investors dumped the stock after the company reported reported its worst quarterly loss on record.

In the broader market the 30-share benchmark index Sensex closed at 20,725.43, down 42.45 points or 0.20 per cent from the previous close.

Jet Airways Group operates more than 550 flights a day with its two brands, the full-service Jet Airways and the low-cost JetLite.

The consolidated losses were much higher at Rs 998.5 crore. The airline did not offer a comparative figure either this quarter or in the corresponding quarter last fiscal, when it offered only standalone numbers.

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