Shares of Jet Airways fell almost 4 percent today as the struggling carrier said it has grounded 15 more planes due to non-payment of lease rentals, resulting in a massive decline in its active fleet.
After opening at Rs. 257.80, 7 points or 2.68 percent lower against the yesterday’s close of Rs. 264.90, Jet Airways share price touched an intraday low of Rs 254.55, 3.91 percent down on BSE. On NSE, it touched days’ low at Rs. 254.40, 4 percent lower than the previous close of Rs. 265.
At 12:05 pm, the stock was exchanged at Rs. 256.90, down 8 points on BSE and Rs. 257.35, down 7.5 points on NSE. The stock has been falling continuously throughout the previous 3 days at the rate of 4.33 percent.
The stock has been delivering negative returns at the rate of 57 percent more than one year, 25 percent more than nine months, 2.5 percent in three weeks and 5.17 percent in three weeks and 5.17 percent in one week on both the trading platforms. It is trading lower than 5, 100 and 200-day moving average.
The organization has informed the exchanges about grounding another fifteen airplane due to non-payment of sums exceptional to lessors under their particular rent agreements. With 15 additional planes out of operations, its fleet has boiled down to only 20 from as high as 123, operating over 650 flights across the country and the continents.
The filing included, “Company is effectively engaged with all its airplane lessors and normally gives them reports on the efforts undertaken by the Company to improve its liquidity. Aircraft lessors have been steady of the Company’s endeavors in such manner. The Company is likewise attempting all endeavors to limit interruption to its system due to the abovementioned and is proactively educating and re-obliging its influenced visitors. The organization additionally keeps on giving required and occasional updates to the Directorate General of Civil Aviation in such manner.”
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