BUSINESS & FINANCE
Jet Airways stock hits 52-week low as board defers Q1 result announcement
Shares of Jet Airways today plunged 14 per cent and touched its 52-week low in morning trade after the company deferred announcing the June quarter numbers.
In a BSE filing late last night, the Naresh Goyal-run airline said the board of directors has decided not to review the unaudited financial performance for the June quarter.
Following this, the shares of the company today opened on a weak note at Rs 271.55, then fell to a low of Rs 261.60, down 13.29 per cent, over its previous closing price on BSE.
Similar movement was seen on the NSE as well, where the stock opened at Rs 271.60, then fell 14.49 per cent to its 52-week low of Rs 258.
The stock is on a downward trend for the last six consecutive sessions and has declined by 21 per cent since August 2.
Since the start of this year, the stock has tumbled a whopping 69 per cent.
"The audit committee did not recommend financial results to the board for its approval, pending closure of certain matters," the airline had said in the regulatory filing without offering more details.
Addressing the shareholders yesterday, Goyal said he felt "guilty and embarrassed" as they have lost money.
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