Jet Airwaysafter deferring the first quarterly results for FY19 which were earlier to be declared on August 9, 2018, the board of directors of the Mumbai-based airline has made a call to consider its quarterly results now on August 27. The company informed the exchanges in a filing on Friday.
The company is facing severe headwinds amid issues pertaining to rising crude oil price, fleet management, legacy concerns and falling rupee. Also, in the communication to exchanges, the air carrier said that the trading window for transacting in the securities of Jet Airways will remain closed until August 29.
Earlier, the earnings results of the company were deferred after the company made a statement that "its audit committee has disapproved of the financial results due to pending closure of certain matters". Following the news, the scrip of the company nosedived by as much as 14.5% to reach its three-year low price of Rs. 258 on August 10.
Later, the company informed exchanges that the term of its audit committee chairman Srinivasan Vishvanathan, an independent director on the board, came to an end at the conclusion of the board meeting.
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.
The stock of Jet Airways was last quoting at RS. 305.4, up 1.65% against previous day's close.