Shares of Jet Airways came under massive selling pressure on Friday, tumbling 8.5 per cent, after the company deferred announcement of its June quarter earnings.
The stock slumped 8.39 per cent to end at Rs 276.40 on the BSE. Intra-day, it dropped 13.29 per cent to Rs 261.60 -- its 52-week low.
On the NSE, shares of the company plunged 8.53 per cent to close at Rs 276.
In a BSE filing late Thursday, the Naresh Goyal-run airline said the board of directors has decided not to review the unaudited financial performance for the June quarter.
The company's market valuation fell by Rs 2.87 billion to Rs 31.39 billion on the BSE.
In terms of equity volume, 2.230 million shares of the company were traded on the BSE and over 20 million shares changed hands on the NSE during the day.
The company's stock has been on a downtrend for the sixth straight session, plunging 16.5 per cent.
The stock has fallen by nearly 67 per cent so far this year.
"The audit committee did not recommend financial results to the board for its approval, pending closure of certain matters," the airline had said in the regulatory filing without offering more details.
Meanwhile, a day after Jet Airways delayed the announcement of June quarter results, leading bourses BSE and NSE on Friday sought specific details about the company's board meetings and factors leading to the decision.