Jet nosedives 3% after posting Q1 net loss of Rs 355 crore

NEW DELHI: Jet Airways nosedived more than 3% after posting its second consecutive quarterly loss on lower income from operations. The stock hit an intraday low of Rs 313.60, down 3.1 per cent, on the Bombay Stock Exchange ( BSE).

The scrip however recovered soon after and is trading in the green.

Jet posted a net loss of Rs 355 crore ($58 million) for its fiscal first quarter to end-June, compared with a net profit of Rs 24.7 crore reported a year earlier.

Jet recently won a key regulatory approval for its deal to sell a 24 per cent stake to Etihad for $379 million, which will be the biggest foreign investment in the Indian civil aviation sector after ownership rules were relaxed. The companies, which need some more approvals, are yet to close the deal.