Jet Airways Shares Plunge 9% After Reports Of Cost-Cutting Measures
Jet Airways share price declined as much as 9 per cent on Friday, after the airline said it has been implementing cost reduction measures. Jet Airways shares opened lower at Rs 323.90 apiece on the NSE and plunged to Rs 301.10 at the day's lowest level. News agency Reuters reported earlier in the day citing a senior company executive that Jet Airways has told its pilots the airline may be grounded in 60 days unless cost-cutting measures including pay cuts are put in place.
Jet Airways shares traded with huge volumes during Friday's session. At 2:44 pm, Jet Airways shares were trading 7.8 per cent lower at Rs 305.50 on the NSE.
On the BSE, Jet Airways share price was trading at Rs 305.25 at that time. More than 17 lakh Jet Airways shares had changed hands, as against a two-week average of 4 lakh.
Jet Airways has been implementing several measures to "help it reduce cost as well as realise higher revenues" and the airline's management is in dialogue with key "stakeholders to enlist their full support and cooperation for realising necessary savings across all parts of the business", a spokesperson had said on Thursday.
Some of the measures taken by the airline include sales and distribution, payroll, and maintenance, among many others. "The airline refutes and strongly condemns the speculative comments of/from certain vested interests, who are making deliberate attempts to undermine Jet Airways' transformation efforts," the spokesperson had said.
Reuters quoted a media report as saying that Jet Airways had approached investment bankers again to help sell a stake in the carrier.
(With Reuters inputs)
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
