Jet Airways shares slump after co defers first-quarter results

New Delhi: Shares of India’s leading full-service carrier Jet Airways Ltd fell as much as 14.5 per cent in early trade on Friday after the company deferred its first-quarter results.

Jet Airways, late on Thursday, said the audit committee did not recommend the results to the company’s board for approval “pending closure of certain matters”.

The airline, which is partly owned by Etihad Airways, has been facing financial troubles, although it said earlier this month it remains confident of being able to cut costs and keep flying despite reports it had warned staff it was running out of cash.

Shares in the company, valued at about $500 million, were trading 6.5 per cent lower at 0407 GMT while the broader Mumbai market was down 0.12 per cent.