For Quick Alerts
For Daily Alerts

    Jet Airways Shares Slump as Much as 4% After Reports of Govt Probe Over Embezzlement


    Shares of Jet Airways today fell nearly 4 percent in morning trade on bourses after news reports surfaced that the Ministry of Corporate Affairs has opened a preliminary inquiry into the carrier. As per the media reports, the Mumbai Registrar of Companies (RoC) will inspect Jet's books of accounts for alleged embezzlement of funds.

    Jet Airways Shares Slump as Much as 4% After Reports of Preliminary Govt Probe

    It said that the ministry will start an initial inquiry into any wrongdoings regarding diversion of cash, and this examination would only be on preliminary, turning formal only after finding any convincing evidence.

    In a regulatory filing, however, the company denied such claims saying it "has not received any communication from the Ministry of Corporate Affairs in this regard". The shares of the company opened on a weak note at Rs 297.80 on BSE (Bombay Stock Exchange), then fell to a low of Rs 289.95, down 3.73 percent over its previous closing price.

    Similar movement was seen on NSE (National Stock Exchange) as well, where the stock opened at Rs 297.40, then fell to a low of Rs 289.65, down 3.89 percent from its last close. Jet Airways is facing financial stress and on August 9 the company held off from announcing the unaudited financial results for the June quarter. Both BSE and NSE have sought an explanation from the company on this. Meanwhile, a meeting of the board of directors is scheduled to be held on August 27 to consider and approve the unaudited financial results for the first quarter ended June 30.

    Inputs from PTI

    Read more about: jet airways
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more