Jet Airways shares decline 15% after PMO calls for a review on the airline

Extending losses for the eighth straight session, shares of Jet Airways fell 15 percent in opening trade on Monday after the PMO called for a review on the debt-laden airline.

The stock fell as much as 14.9 percent to hit a new low of Rs 69.75 per share on the BSE. At 9:35 AM, the stock was trading 13.4 percent lower at 71.05 per share as compared to 0.30 percent (120 points) fall in the BSE Sensex at 39,331.

The stock has tanked over 42 percent in the last one month, 74 percent in 2019 and 81 percent in the last 1 year.

According to sources, PMO has asked the revenue department to assess tax dues on account of the airline, CNBC-TV18 reported. They also added that Principal Secretary to the Prime Minister, Nripendra Misra, met the Ministry of Corporate Affairs on June 14 and asked it to keep a close watch on the case in NCLT.

The stock fell 35 percent last week after National Stock Exchange of India (NSE) decided to impose restrictions on its stock trading from 28 June as part of preventive surveillance measures to curb excessive volatility.

NSE said shares of Jet Airways would be pulled out of F and O trading, citing the embattled carrier’s failure to respond to queries about rumours in the market. It also cited the company’s failure to submit its financial results for the year ended March 31 as well as observations made by the airline’s auditor as reasons for the move.

Source: Civil Aviation Authority