Jet Airways hits turbulence

Jet Airways is amongst the top losers of the day currently on the BSE, down almost 4% at Rs.235.75, with an intra day low at Rs.232.50. Its 52-week low is at Rs.210.25.

The stock is down in the red after ICRA, the rating agency, issued a Press Release stating that it had downgraded the loan ratings of the company, citing reason of delay in servicing the debt taken. It states that the rating was downgrade to [ICRA] D from [ICRA] BB. It also revised the rating assigned to the Rs 4250 crore, short-term, fund-based/ non-fund based bank facilities of Jet Airways (India) to [ICRA] D from [ICRA] A4.

Jet Airways is indeed facing some rough turbulence, with it losing its market share and occupancy  to SpiceJet. And  financially too the going has been rough with the company reporting a net loss at Rs.218 crore but lower than the net loss of Rs.355 crore in previous Q1.