New Delhi: On a day when shares of Jet Airways plunged over 30 per cent following the airline’s complete suspension of operations, shares of peer InterGlobe Aviation hit a record high while those of SpiceJet ruled near its peak, making most of Jet’s misery.
Analysts said the outlook is bleak for the Naresh Goyal-founded Jet Airways, which looks like going the Kingfisher way. They advised investors to deboard SpiceJet and InterGlobe Aviation as well, as rising oil prices and a difficult operational environment for the sector could mean these stocks are past their prime.
On Tuesday, shares of Jet plunged 30.28 per cent to hit a low Rs 168. By recent estimates, Jet Airways was making a daily loss of Rs 21 crore and has debt and dues of at least Rs 15,000 crore.
The airline reported a loss of Rs 3,208 crore in the first nine-month of last financial year. Peers InterGlobe Aviation and SpiceJet also reported losses of Rs 372.40 crore and Rs 433.50, respectively, in the first nine months of last financial year.
Shares of InterGlobe Aviation hit a fresh peak of Rs 1,650 in Thursday’s trade, while those of SpiceJet were just shy of its record high of Rs 156.25, rallying 50 per cent over past five days.
18/04/19 Amit Mudgill/Economic Times
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Analysts said the outlook is bleak for the Naresh Goyal-founded Jet Airways, which looks like going the Kingfisher way. They advised investors to deboard SpiceJet and InterGlobe Aviation as well, as rising oil prices and a difficult operational environment for the sector could mean these stocks are past their prime.
On Tuesday, shares of Jet plunged 30.28 per cent to hit a low Rs 168. By recent estimates, Jet Airways was making a daily loss of Rs 21 crore and has debt and dues of at least Rs 15,000 crore.
The airline reported a loss of Rs 3,208 crore in the first nine-month of last financial year. Peers InterGlobe Aviation and SpiceJet also reported losses of Rs 372.40 crore and Rs 433.50, respectively, in the first nine months of last financial year.
Shares of InterGlobe Aviation hit a fresh peak of Rs 1,650 in Thursday’s trade, while those of SpiceJet were just shy of its record high of Rs 156.25, rallying 50 per cent over past five days.
18/04/19 Amit Mudgill/Economic Times
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