Jet Airways (India) lost 3.99% to Rs 234.80 at 10:28 IST on BSE after ICRA downgraded the company's loan ratings due to delays in debt servicing.
Meanwhile, the BSE Sensex was up 134.44 points, or 0.51%, to 26,553.99
On BSE, so far 1.51 lakh shares were traded in the counter, compared with an average volume of 3.74 lakh shares in the past one quarter.
The stock hit a high of Rs 239 and a low of Rs 232.50 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 22 August 2014, falling 4.49% compared with 1.51% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 11.92% as against Sensex's 8.39% rise.
The small-cap company has an equity capital of Rs 113.60 crore. Face value per share is Rs 10.
ICRA has 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.
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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