The share prices of Jet Airways fell by 13.3% on the BSE and 14.5% on the National Stock Exchange to hit a three-year low early on Friday, a day after it deferred its earnings report for the first quarter of the 2018-’19 financial year.
The shares touched a low of Rs 261.60 per stock on the BSE on Friday morning. The shares recovered slightly later in the day and ended 8.4% lower on the BSE at Rs 276.40. On the NSE, the price of a Jet Airways share was 8.5% down at Rs 276.
On Thursday, the company said its trading window will remain closed and will reopen 48 hours after the publication of results, Mint reported. Jet Airways Chairperson Naresh Goyal said at the firm’s annual general meeting that he was feeling “guilty and embarrassed” as shareholders have lost a lot of money, PTI reported.
Goyal said a new committee chaired by the airline’s directors Naseem Zaidi and Ashok Chawla will be set up to improve public perception and counter negative publicity about the company. The airline is also considering cooperating with Air India for engineering and flight operations, he added.
On August 2, Jet Airways said it had asked its employees to take a pay cut of up to 25%. “Jet Airways has been implementing several measures to help it reduce cost as well as realise higher revenues for desired business efficiencies,” the airline said in a statement. The National Aviators Guild, which is the airline pilots’ union, asked employees not to accept the management’s decision.