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JP Morgan downgrades Jet Airways to 'underweight'

Last Updated: Friday, March 30, 2012 - 14:29

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.

Bureau Report

First Published: Friday, March 30, 2012 - 14:29
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