Jet Airways' shares decline 15% in 3 days as headwinds gather
Nov 23, 2022
New Delhi [India], November 23 : Carrier Jet Airways is on a shaky ground and its shares declined more than 15 per cent in three days, revealed stock exchange BSE on Wednesday. Many developments, pertaining to the airline, have occurred in a span of 1-2 weeks.
According to reports, the aviation security agency BCAS on Wednesday withdrew 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 per cent and some were sent on leave without pay.
In five days, the shares of the airline, which is currently at Rs 65.55 apiece, went down by almost 18 per cent while its shares declined 30.74 per cent in the past one month. Its shares had been dropping by 45.01 per cent in the past six months.
Adding one more hurdle to the headwinds, aviation security agency Bureau of Civil Aviation Security (BCAS) has withdrawn the accreditation given to Jet Airways' aviation security training facilities amid continuing uncertainty over the recommencement of the airline's operations,
"The competent authority has revoked the accreditation granted to both the Aviation Security Training Institutes (ASTIs) of Jet Airways at Gurugram and Mumbai. The airline may apply afresh for approval of its ASTIs as and when it is ready for inspection...," BCAS said in a communication.
According to reports, the Jalan Kalrock consortium has emerged as the winning bidder for the bankrupt airline through an insolvency resolution process.
