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1-min read

Jet Airways Stock Falls 4% on Reports of Preliminary Govt Probe

The shares of Jet Airways opened on a weak note at Rs 297.80, then fell to a low of Rs 289.95, down 3.73 per cent over its previous closing price.

PTI

Updated:August 21, 2018, 12:20 PM IST
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Jet Airways Stock Falls 4% on Reports of Preliminary Govt Probe
File photo of Jet Airways.

New Delhi: Shares of Jet Airways on Tuesday fell nearly 4 per cent in morning trade on bourses after reports surfaced that the Ministry of Corporate Affairs has opened a preliminary inquiry into the carrier.

As per the media reports, the Mumbai Registrar of Companies (RoC) will inspect Jet's books of accounts.

In a regulatory filing, however, the company on Tuesday said it "has not received any communication from the Ministry of Corporate Affairs in this regard".

The shares of the company opened on a weak note at Rs 297.80, then fell to a low of Rs 289.95, down 3.73 per cent over its previous closing price.

Similar movement was seen on NSE as well, where the stock opened at Rs 297.40, then fell to a low of Rs 289.65, down 3.89 per cent over its last close.

Jet Airways is facing financial stress and on August 9 the company held off from announcing the unaudited financial results for the June quarter. Both BSE and NSE have sought an explanation from the company on this.

Meanwhile, a meeting of the board of directors is scheduled to be held on August 27 to consider and approve the unaudited financial results for the first quarter ended June 30.

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| Edited by: Naqshib Nisar
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