Jet Airways shares slide over 3% on bourses

Continuing to face selling pressure, shares of Jet Airways today slumped over 3 per cent amid the full service carrier mulling cost reduction measures to tackle financial woes.

While the scrip fell 3.5 per cent on the BSE, the decline was little over 4 per cent on the NSE. The fall also comes a day after the airline said its board would consider cost reduction initiatives and turnaround plan at a meeting on August 27.

After opening at Rs 290.85, Jet Airways shares shed 3.51 per cent to close at Rs 282.10 on the BSE. At the NSE, the shares tumbled 4.10 per cent to end the day at Rs 280.50.

The full service carrier, which is grappling with financial woes, has been looking at ways to reduce costs amid high oil prices and intense competition. In recent weeks, the scrip has taken a beating.

On August 9, the airline's board of directors deferred announcement of unaudited financial results for the June quarter and the same would be taken up on August 27.

Jet Airways, on August 22, said the board would also take up matters related to cost reduction initiatives and turnaround plan on August 27.

Meanwhile, in a clarification to the stock exchanges about reports that TPG Capital is in talks to invest in Jet Airways, the airline today said it does not wish to comment on any speculation.

There is no decision of the board which would require a disclosure under listing regulations, the filing said with respect to the reports.