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Jet Airways shares plunge 5% after earnings announcement

NEW DELHI: Shares of on Thursday dipped 5 per cent to its lowest trading permissible limit for the day after the company reported a loss of Rs 153.35 crore for the June quarter of the last financial year.

The stock declined 5 per cent to Rs 126.45 — its lowest trading permissible limit for the day — on both the BSE and the NSE.

Grounded carrier Jet Airways on Wednesday reported a loss of Rs 153.35 crore for the June quarter of the last financial year.

In the year-ago period, the loss stood at Rs 1,514.20 crore, according to a regulatory filing.

The total income of the airline, which has not flown since April 17, 2019, stood at Rs 10.96 crore in the June quarter of the last fiscal.

For the fiscal 2019-20, Jet Airways posted a loss Rs 2,841.45 crore on a total income of Rs 354.20 crore.

Meanwhile, as per the detailed order published by the National Company Law Tribunal (NCLT) on Wednesday, the Jalan Kalrock Consortium, the winning bidder for the grounded Jet Airways, will make a total cash infusion of Rs 1,375 crore in the airline and lenders will take a steep haircut on their admitted claims of over Rs 7,800 crore under the approved resolution plan.

The NCLT on June 22, approved the consortium’s resolution plan for Jet Airways, which has been undergoing insolvency resolution process since June 2019. The carrier shuttered operations in April 2019.

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