Jet Airways shares fall over 6 per cent as Q2 net loss soars 8-fold

Jet Airways shares fell over six per cent in morning trade on the bourses on Thursday after the Naresh Goyal-run Jet Airways reported an eight-fold increase in losses at Rs 891 crore in the September quarter.

Shares of Jet Airways opened on a weak note and slumped 6.06 per cent to Rs 325.05 on the BSE. Similarly, on Nifty the company opened at Rs 330, then fell 6.42 per cent to an intra-day low of Rs 324.15.

The decline in the counter assumes significance as the broader market was trading in the positive territory with significant gains. At 1126 hours, the 30-share benchmark index Sensex was trading at 20,943.49, higher by 175.61 points.

Market experts said the decline in the counter was largely because investors dumped the stock after the company reported its worst quarterly loss on record.

Jet Airways Group operates more than 550 flights a day with its two brands, the full-service Jet Airways and the low-cost JetLite.

The consolidated losses were much higher at Rs 998.5 crore. The airline did not offer a comparative figure either this quarter or in the corresponding quarter last fiscal, when it offered only standalone numbers.

With PTI inputs