Jet Airways (India) lost 2.86% to Rs 226 at 11:19 IST on BSE, with the stock extending Monday's fall triggered by ICRA downgrading the company's loan ratings due to delays in debt servicing.
Meanwhile, the BSE Sensex was up 1.50 points, or 0.01%, to 26,438.52
On BSE, so far 1.18 lakh shares were traded in the counter, compared with an average volume of 3.70 lakh shares in the past one quarter.
The stock hit a high of Rs 233.95 and a low of Rs 223.80 so far during the day. The stock hit a 52-week high of Rs 414.70 on 4 October 2013. The stock hit a 52-week low of Rs 210.25 on 5 February 2014.
The stock had underperformed the market over the past one month till 25 August 2014, falling 7.16% compared with 1.19% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 19.39% as against Sensex's 7.06% rise.
The small-cap company has an equity capital of Rs 113.60 crore. Face value per share is Rs 10.
Shares of Jet Airways (India) dropped 7.87% in two days from recent high of Rs 244.55 on 22 August 2014. ICRA revised the rating assigned to the Rs 3210 crore, long-term, fund-based bank facilities of Jet Airways (India) to [ICRA] D (pronounced ICRA D) from [ICRA] BB (pronounced ICRA double B). ICRA has also revised the rating assigned to the Rs 4250 crore, short-term, fund-based/ non-fund based bank facilities of Jet Airways (India) to [ICRA] D (pronounced ICRA D) from [ICRA] A4 (pronounced ICRA A four). The ratings revision reflects delays in debt servicing by the company, ICRA said in a press release. The Jet Airways (India) stock dropped 4.87% to settle at Rs 232.65 on Monday, 25 August 2014.
Etihad Airways had purchased 24% stake in Jet Airways (India) in a deal worth about Rs 2060 crore, which was announced in April 2013.
Jet Airways (India) reported a net loss of Rs 217.65 crore in Q1 June 2014, lower than net loss of Rs 355.38 crore in Q1 June 2013. Total income rose 17.4% to Rs 4779.76 crore in Q1 June 2014 over Q1 June 2013.
Jet Airways (India) (along with Jet Lite India - its wholly-owned subsidiary) currently provides scheduled services to around 56 destinations in India and 20 international destinations. The company's fleet stands at 113 aircraft as on March 2014.
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