The Mumbai-based airlines has been in the news lately for all the wrong reasons. In a statement, Jet Airways said its audit committee has disapproved of the financial results due to "pending closure of certain matters." The company's financial results for the April-June quarter was to be declared on Thursday.
Following the news, the share price of Jet Airways fell as much as 14.5 percent to Rs 258 on NSE (National Stock Exchange), marking its three-year low. On the other hand, the share price of its rival SpiceJet and InterGlobe Aviation (IndiGo) gained in trade on Friday.
Budget carriers are facing pressure from rising fuel prices and depreciation in the Indian rupee. InterGlobe Aviation had reported a 97 percent drop in its net profit for the June ended quarter. SpiceJet's first quarter results are expected early next week.
Jet Airways had reported a loss for the March 2018 quarter after two years of profit-making. The company's stock has slumped as much as 67 percent this year.