Jet Airways shares continue to fall; tank 6 per cent
Jet Airways said income tax officials are conducting a survey of its premises since September 19.
New Delhi: Shares of Jet Airways slumped 6 per cent on Friday amid concerns over income tax officials conducting a survey of its premises.
The stock tanked 5.96 per cent to end at Rs 229.70 on BSE. Intra-day, it tumbled 8.55 per cent to Rs 223.35 -- its 52-week low. At NSE, shares of the company dived 5.63 per cent to close at Rs 229.45. In terms of equity volume, 7.03 lakh shares of the company were traded on BSE and over 97 lakh shares changed hands at NSE during the day.
The stock had fallen nearly 4 per cent on Wednesday. Equity markets were closed Thursday for a local holiday. Crisis-hit Jet Airways on Friday said income tax officials are conducting a survey of its premises since September 19. On Wednesday, sources said the I-T Department is inspecting the books to ascertain whether there have been falsification of accounts, suspicious dealings and other possible violations.
In a regulatory filing, the carrier said I-T officials are conducting a survey of the premises of the company since September 19. "The company is fully cooperating with the authorities and responding to the queries by the income tax authorities," it said.
The airline, battling with financial woes, is already under the lens of Sebi and the Corporate Affairs Ministry for various violations, including alleged corporate governance lapses. The full service carrier posted a net loss of Rs 1,323 crore for the three months ended June.