Jet Airways nosedives 10% on deferred Q1 results

Shares of Jet Airways tanked 10 per cent early on Friday after the airline firm deferred consideration of unaudited financial results for the first quarter of 2018-19.

In a BSE filing, the company on Thursday said, “The board of directors of the company, at its meeting held today (August 9), deferred the matter of consideration of the unaudited financial results for the quarter ended June 30, 2018.”

The airline said further: "The audit committee did not recommend financial results to the board for its approval, pending closure of certain matters."


A senior executive speaking on condition of anonymity said the results were deferred as the audit committee had a few clarifications on some of Jet’s accruals. He didn’t specify but added this wasn’t unprecedented and had happened on a couple of occassions before.

Also yesterday, Jet’s board member and audit committee chairman S. Vishvanathan resigned. A senior executive at the airline clarified it was a rotational move as his term had expired and wasn’t marked with any disagreement or clashes with the company.

It did not offer more details.

Addressing the shareholders on Thursday, Goyal said he felt "guilty and embarrassed" as shareholders have lost money after the airline's shares plummeted due to financial woes. On a year-to-date basis, the stock plunged 64 per cent to Rs 301.70 till August 9, from Rs 842.80 on January 1.

The scrip was down 10 per cent at Rs 271.75 early on Friday whereas the BSE Sensex slipped 59 points, or 0.15 per cent, to 37,965 at around 9.18 am (IST).

Jet Airways hit its 52-week low level of 261.60 on BSE in Friday's session.