Jet Airways shares slipped 2% after poor earnings
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Jet Airways shares slipped 2% after poor earnings

Last Updated: Thursday, October 24, 2013, 20:41
 
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Jet Airways shares slipped 2% after poor earnings
Mumbai: Shares of Jet Airways on Thursday slipped by about two percent 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 percent on the BSE, while the stock ended 2.22 percent 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 percent 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 percent 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 percent 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.



PTI

First Published: Thursday, October 24, 2013, 20:41


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