This is why Jet Airways failed to announce Q1 results

The Board of Jet Airways (India) Ltd, which met on Thursday, decided to defer the announcement of unaudited financial results for the first quarter. Adding to its ongoing financial woes, the company informed the stock exchanges in a statement that the Board’s audit committee had refused to approve the financial results.

“It may be noted that the audit committee did not recommend the financial results to the Board for its approval, pending closure of certain matters. The trading window will continue to remain closed and will open 48 hours after publication of results for the quarter ended 30 June 2018,” it said in the statement.

This follows the recent controversies surrounding India’s second-largest airline over a couple of weeks now. The deepening cash crunch has taken the wind out of the airline as aviation fuel in India continues to be the most expensive in Asia due to higher taxes. Rising global crude prices, coupled with a weakening rupee and cheaper ticket prices in a highly competitive market, have compounded the matter for the company.

Watch this Zee Business video here:

Earlier in the day, Naresh Goyal, founder chairman, Jet Airways, said he felt “guilty and embarrassed” as a lot of shareholders have lost their money.

Stock of the carrier have slumped over 12% since July 2 and in intra-day trading on Thursday, it touched a 52-week low of Rs 286.95 a piece.(With inputs from agencies)

Source: DNA Money