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Jet Airways stock slips 3 pc ahead of board meeting

Press Trust of India  |  Mumbai 

Shares of slumped over 3 per cent in morning trade on bourses Tuesday, ahead of the meeting where the management will seek guidance from the board on the next steps forward for the

Shares of opened on a weak note at Rs 254.50, then lost further ground and touched a low of Rs 252 on BSE, down 3.74 per cent over its last close.

Similar movement was seen on NSE, where the stock opened at Rs 255, then fell to a low of Rs 252.10, down 3.66 per cent over its previous closing price.

Vinay Dube, in an internal communication, had said the lenders could not decide on the emergency funding and that the board of the will meet Tuesday to take a call on the future.

"As you are aware, we have been working with the lenders to secure interim funding for our operations. The interim funding has not been forthcoming thus far, and as a result we have extended cancellation of international operations until April 18.

"The current status of our engagement with the lenders and other related matters shall be placed before the board tomorrow (Tuesday) morning, where the management will seek guidance from the board on the next steps forward. We will keep you updated on all critical developments," Dube said in a mail.

Jet Airways pilots' union, the had Sunday deferred a decision to strike from Monday saying that it wanted to give more time to the ahead of the lenders' meeting here.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 16 2019. 10:40 IST