Shares of Jet Airways today plunged over 12 per cent after the company reported a standalone net loss of Rs 1,036 crore in the March quarter.
Shares of Jet Airways today plunged over 12 per cent after the company reported a standalone net loss of Rs 1,036 crore in the March quarter.
The company's scrip tumbled 10.57 per cent to Rs 376.60 -- its 52-week low -- on BSE.
On NSE, shares of the company slumped 12.12 to hit a one-year low of Rs 370.05.
Jet Airways yesterday reported a standalone net loss of Rs 1,036 crore in the March quarter due to rise in oil prices and weaker rupee.
The company had reported a net profit of Rs 602.42 crore in the year-ago period, as per the company's filing on BSE .
The total income also declined by 3.44 per cent to Rs 6,055 crore during the quarter, against Rs 6,271.21 crore in the same quarter last year, as per the filing.
Earlier this month, Jet Airways also informed that the government has not given approval for the merger of its subsidiary Jet Lite with itself, nearly three years after the proposal was announced by the full service carrier.
The merger proposal was approved by the board of Jet Airways in September 2015 and was later cleared by the airline's shareholders in April 2016.
In a BSE filing, the airline said the civil aviation ministry has not approved the merger of Jet Lite Ltd with itself. Consequently, the merger scheme stands revoked and cancelled, it added.
"Jet Lite (India) Ltd and Jet Airways (India) Ltd shall continue their respective operations as two separate legal entities with their respective Air Operator Certificates," the filing said.
The specific reasons for the rejection of approval for the merger could not be immediately ascertained.
Sahara Airlines was renamed as Jet Lite.
A Jet Airways spokesperson said it respects the decision of the ministry on the proposed scheme of merger.
Jet Lite carried 1.84 lakh passengers in March this year and has a fleet of eight B737 planes, as per data available on the website of aviation regulator DGCA.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Jet Airways shares hit 52-week low on weak earnings")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}