Friday, August 10, 2018

Jet Airways shares plummet 8.4%

Mumbai: Shares of Jet Airways on Friday came under sustained selling pressure as investors offloaded shares following the the company’s decision on Thursday to defer the announcement of its quarterly results citing accounting issues.

The shares fell 8.39% on the BSE to close at ₹276.40 on Friday, after hitting their 52-week low of ₹261.60 compared with a 52-week high of ₹883.65. “There is panic among company’s investors,” said Ambareesh Baliga, independent stock analyst and investment adviser. “Having problems in accounting is a serious issue. Anyway, investors were worried about the cash-crunch situation and now the accounting issue has aggravated the situation,” he said.

“People have witnessed the Kingfisher Airlines saga. Jet Airways is not like Kingfisher, but the accounting issue has been taken seriously. Now the company must come clean and address all concerns,” he added.
10/08/18 Lalatendu Mishra/The Hindu