Jet Airways Shares Hit 52-Week Low, Extend Losses To Fourth Straight Day
Jet Airways shares extended their fall to a fourth session in a row to hit a new 52-week low on Thursday, a day after the Delhi High Court issued a notice to the grounded airline on a plea seeking government intervention to ensure refunds for affected passengers. On the National Stock Exchange (NSE), the Jet Airways stock price declined as much as 22.46 per cent to quote at Rs 118.90 apiece at the day's weakest point, compared to its previous close of Rs 153.35. On the Bombay Stock Exchange (BSE), shares in Jet Airways touched an intraday low of Rs 122.00, falling 20.42 per cent from the previous close.
The court's notice to the cash-starved airline came after a plea had sought to direct the Ministry of Civil Aviation and regulator DGCA (Directorate General of Civil Aviation) to ensure refunds or provide alternative travel mode for passengers who have booked tickets with the airlines which has temporarily suspended all its flights.
The court sought a response from Jet Airways and asked the aviation regulator to file an affidavit on the issue, and said it would hear the matter on July 16.
The Jet Airways stock ended 11.71 per cent lower at Rs 135.40 apiece on the National Stock Exchange, underperforming the benchmark index Nifty finished down 0.2 per cent.
Struggling with a debt of more than $1.2 billion, the cash-strapped airline owes money to lessors, suppliers, pilots and oil companies. Till Tuesday, Jet Airways shares had declined 36.24 per cent since the airline temporarily suspended its flight operations on April 17. The financial markets remained closed on Wednesday for the Maharashtra Day holiday.
(With agency inputs)