Jet Airways stock dives after shaky Q2 nos,mcap loses Rs354-cr

Press Trust of India  |  New Delhi 

of today settled nearly 5 per cent down on the bourses, eroding Rs 354 crore from its market capitalisation after the private carrier reported a weak September quarter earnings.

During the day, of the company opened on a weak note on at Rs 668.90, then lost further ground to touch an intra-day low of Rs 662, down 4.98 per cent over its previous close. At the end of today's trading session, the stock was quoted at Rs 665, down 4.47 per cent on the bourses.


Following the decline in the stock, the market capitalisation of the company eroded by Rs 353.96 crore, to Rs 7,561.04 crore.

Similar movement was seen on NSE, where the stock opened at Rs 669.40, and then declined to an intra-day low of Rs 662.10, down 4.97 per cent. The stock closed for the day at Rs 666, down 4.42 per cent.

The Naresh Goyal-owned airline posted a 91 per cent fall in standalone net profit at Rs 49.63 crore for the three months to September on account of a deep decline in other income. It had posted a net profit of Rs 549.02 crore in the same period last fiscal.

Total sales also declined to Rs 5,758.18 crore in the quarter under review from Rs 5,772.79 crore in the year-ago period, said in a regulatory filing yesterday.

Other income, which is generally the non-aeronautical revenue, came down 59 per cent to Rs 131.57 crore in the reporting quarter from Rs 319.58 crore in the year-ago period.

"The weak demand in the Gulf continues while low fares as well as yields in the domestic market have limited the ability to offset the increase in fuel prices," Chief Executive Officer Vinay Dube was quoted as saying in a release.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 08 2017. 17:25 IST