Stocks

Jet Airways nosedives for 3rd straight session

Agencies Aug 31 | Updated on August 31, 2018 Published on August 31, 2018

Shares of India's largest full-service airline, Jet Airways (India) Ltd, fell as much as 2.4 per cent to Rs 280, and were set to extend losses for a third straight session.

Shares of India's largest full-service airline, Jet Airways (India) Ltd, fell as much as 2.4 per cent to Rs 280, and were set to extend losses for a third straight session.

The airline has received communication from the office of Registrar of Companies (RoC) seeking comments and explanations in response to a complaint received by their office. Jet Airways says it is taking steps to submit its responses and is unable to comment on any media reports on the subject.

According to a media report, the income tax department is investigating a financial deal between Jet Airways and Godrej Buildcon, a subsidiary of Godrej Properties. According to another report, the Naresh Goyal-led Jet Airways received a ‘monetary consideration’ to the tune of Rs 1,725 crore from the developers as part of a land development deal.

Jet Airways stock had dropped 3 per cent on August 21 after a media report said that the Corporate Affairs Ministry was probing the allegations of siphoning of funds. The airline said at the time that it had not received any communication from the Ministry.

Jet, part-owned by Etihad Airways, had posted its second consecutive quarterly loss on Monday and unveiled a cost cutting strategy. Up to last close, the stock had fallen 65.5 per cent this year.

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Published on August 31, 2018
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