Jet Airways (India) slips after grounding seven more aircraft

Jet Airways (India) fell 3.07% to Rs 217.95 at 11:09 IST on BSE after the company said that seven more aircraft were grounded due to non-payment to lessors under their respective lease agreements.

The announcement was made after market hours yesterday, 27 February 2019.

Meanwhile, the S&P BSE Sensex was up 91.45 points, or 0.25% to 35,996.88.

On the BSE, 6.34 lakh shares were traded in the counter so far compared with average daily volumes of 7.08 lakh shares in the past two weeks. The stock had hit a high of Rs 222 and a low of Rs 211 so far during the day. The stock hit a 52-week high of Rs 759.90 on 1 March 2018. The stock hit a 52-week low of Rs 163 on 1 October 2018.

Jet Airways (India) said it is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken by the company to improve its liquidity. Aircraft lessors have been supportive of the company's efforts in this regard.

The company is also making all efforts to minimise disruption to its network due to the above and is proactively informing and re-accommodating its affected guests. The company also continues to provide required and periodic updates to the Directorate General of Civil Aviation in this regard.

Jet Airways (India) reported net loss of Rs 587.77 crore in Q3 December 2018 as against net profit of Rs 165.25 crore in Q3 December 2017. Net sales rose 1.02% to Rs 6147.98 crore in Q3 December 2018 over Q3 December 2017.

Jet Airways is India's premier international airline, currently operates flights to 56 destinations, including India and overseas.

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