New Delhi: JP Morgan has downgraded Jet Airways to 'underweight' from 'overweight' a news agency reported on Friday.
Reportedly high oil prices and the weak rupee were among the negative factors denting the outlook for the sector.
"We believe that near-term profitability for Indian operators is likely to remain under pressure," analysts at the investment bank wrote, adding domestic passenger traffic growth had likely slowed to 8-10 percent over the past three months from mid-to-high teen rates.
Despite the downgrade, Jet shares were up 1.4 percent in morning trade.
First Published: Friday, March 30, 2012, 14:29