Jet Airways defers March payment for its employees, stock drops 4.5%

On NSE, shares of the company dropped 4.53% to close at Rs 608.75

Shares of Jet Airways fell by 4.5 per cent on Wednesday after the private carrier deferred the March salaries of a section of its staff to April 10, citing "circumstances beyond its control."

The stock declined 4.35 per cent to end at Rs 609.50 on BSE. Intra-day, it lost 4.97 per cent to Rs 605.50.

On NSE, shares of the company dropped 4.53 per cent to close at Rs 608.75.

On the volume front, 3.06 lakh shares of the company were traded on BSE and over 36 lakh shares changed hands on NSE during the day.

The airline in a communication to its employees yesterday said that the salaries will be disbursed in a staggered manner with non-technical staff and other staff getting the pay on April 3 and the rest of the employees, including pilots and engineers, on April 10.

"We regret to inform you that due to circumstances beyond our control, the disbursal of March salary is postponed and the payroll will be run as per the schedule...," the airline said in the communication.

As per the schedule, pilots, engineers and all manager and above level staff would be paid March salary on April 10.