The shares dipped to as low as Rs 312.15 yesterday after closing at Rs 331.20.
Jet Airways will not be able to fly after 60 days until cost-cutting measures are set up, ET reported referring to unidentified sources. On Friday, the shares of Airways dove 5.7 percent in the initial trade in the middle of media reports of the airline, confronting a money crunch.
There were different reports in the media prior this week that the airline requested that its representatives take a pay cut of up to 25 percent because of increasing expenses. The shares of Jet Airways recouped marginally and were exchanging at 317.50 down, 4.14 percent at the season.
The Chairman, Naresh Goyal, including the management group has moved towards investment financiers to help in sharing a stake, the report included. Out of the six financiers covering the stock, three have “purchase” or more, 1 has “hold” and 1 has “sell” call on the stock, as Reuter’s information showed. The stock is down 60.2 percent this year starting the last close.
As per the report from Financial Express, Jet Airways has in excess of 16,000 employees. The drove aircraft, in which Gulf carrier Etihad holds 24 percent stake, has almost slashed by 25 percent, the pay rates of its senior management. Prior, PTI cited its sources saying that the full-service transporter is in talks with specific areas of workers on the compensation cut proposition.
A jet airliner is facing many challenges that include a surge in the weaker rupee, fuel prices, and intensifying competition. In order to solve the issues, they have been implementing several measures to help in reducing expenses as well as predicting higher revenues.
Senior management officials are holding general supervisors or more level positions. According to the aircraft’s yearly report for 2017-18, Jet Airways which finished 25 years of activities recently had 16,558 permanent representatives as on March 31, 2018. In addition, there were total 6,306 impermanent or casual workers.
The post Shares Of Jet Airways On Friday Plunge 5.7 Percent Facing A Cash Crunch appeared first on OWLT Market.
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