Jet Airways is the top loser on the BSE currently, going down almost 5.5% to Rs.261.60, hitting a new 52-week low.
The disappointment is large over the company deferring its Q1FY19 earnings announcement. The company said that this was because the Audit Committee did not recommend the said financial results to the Board for its approval, pending closure of certain matters.
This kind of deferment is today’s time of large scale corporate scams, has led to an air of heightened suspicion. More so because for the past few days, there has been news doing the rounds about the company facing acute fund shortage and there were even rumours of Jet shutting down in six months if these financial tight spots are not relieved soon enough.
At the AGM, Naresh Goyal said that the key external factors that slowed down the airline's momentum were weakening of the Indian rupee, around 16 per cent increase in brent rates with consequent rise in fuel costs and the industry's inability to pass on increased costs to the consumers. Along with this, considerable increase in maintenance, landing and navigation costs during the year made matters worse.
Amid rising concerns over the airline's financial health and proposed salary reductions for employees, the Jet Airways chairman said a new committee would be set up to improve public perception and negative publicity about it.