Jet Airways plummets 6% as strike goes into day 2
Mumbai: Shares of Jet Airways on Wednesday plunged over 6% in morning trade on the Bombay Stock Exchange as pilots kept away from work for the second consecutive day leading to disruption of services.
Shares of Jet Airways fell as much as 6.49% over previous close to Rs245 on the BSE.
The Mumbai-based airline has cancelled 31 domestic and international flights from various cities today after 350 of its pilots went on a mass sick leave in protest against sacking of two pilots by the airlines management.
On the National Stock Exchange, Jet Airways plunged 6% to Rs242.35. On the volume front, over 3.96 lakh shares changed hands on both the bourses.
As 40% of Jet’s pilots went on a mass sick leave on Tuesday crippling the Airways’ service network with cancellation of almost 200 flights, the management of the private carrier retaliated by sacking three more agitators.
The scrip had nosedived 13% during Tuesday’s trade but later recovered to close with 3% loss on the BSE.
Marketmen said the crisis in the private carrier came at a time when concerns about the prospects of the aviation industry were clouding investor sentiment.
Despite the Bombay high court passing a restraining order against the agitation, the pilots’ body, National Aviators Guild (NAG), decided to continue with their agitation.