Jet Airways Stock Extends Losses To Fifth Day In A Row
Jet Airways shares dropped as much as 8 per cent on Friday, extending their fall to a fifth consecutive session. On the Bombay Stock Exchange (BSE), Jet Airways share price fell to as much as Rs 124.25 apiece in morning deals, marking a fall of 7.86 per cent from its previous close of Rs 134.85. On the National Stock Exchange (NSE), the Jet Airways stock fell as much as 6.89 per cent to hit Rs 134.25 apiece at the day's weakest point, compared to the previous close of Rs 125. Jet Airways shares had hit a 52-week low on Thursday.
The Jet Airways shares were on course to end lower for the fifth session in a row. Till Thursday, Jet Airways shares had declined 44.18 per cent since the airline temporarily suspended its flight operations on April 17.
Struggling with a debt of more than $1.2 billion, the grounded airline owes money to lessors, suppliers, pilots and oil companies.
On Wednesday, the Delhi High Court issued a notice to the grounded airline on a plea seeking government intervention to ensure refunds for affected passengers.
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 cash-starved airline.
At 12:23 pm, Jet Airways shares traded 3.23 per cent lower at Rs 130.50 apiece on the Bombay Stock Exchange, underperforming the broader markets which was up 0.28 per cent. Mover 12 lakh Jet Airways shares changed hands, compared with a two-week average of 29.05 lakh, data from the BSE showed.
