Jet Airways shares fall 15% in 3 days as headwinds intensify

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Aviation security agency BCAS has withdrawn Jet Airways’ accreditation. (File)

New Delhi:

Carrier Jet Airways is on shaky bottoms and its shares fell more than 15 percent in three days, BSE revealed today. Many developments related to the airline have taken place in a span of 1-2 weeks.

According to reports, the BCAS (Bureau of Civil Aviation Security) aviation security agency today revoked the accreditation given to Jet Airways’ aviation security training facilities, while last Monday the airline temporarily cut the salaries of some staff by up to 50 percent and sent some on furlough without pay.

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In five days, shares of the airline, which currently stand at Rs 65.55 apiece, fell nearly 18 percent, while shares fell 30.74 percent over the past month. The stock fell 45.01 percent over the past six months.

Adding another hurdle to the headwind, aviation security agency BCAS has withdrawn the accreditation given to Jet Airways’ aviation security training facilities amid ongoing uncertainty about the airline’s resumption of operations.

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“The competent authority has revoked the accreditation granted to both of Jet Airways’ Aviation Security Training Institutes (ASTIs) in Gurugram and Mumbai. The airline may re-apply for its ASTIs once it is ready for inspection…,” BCAS said in a communication.

According to reports, the Jalan Kalrock consortium had emerged as the winning bidder for the bankrupt airline through an insolvency process.

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