JP Morgan downgraded Jet Airways to 'underweight' from 'overweight' on Friday, saying high oil prices and the weak rupee were among the negative factors denting the outlook for the sector.
"We believe that near-term profitability for Indian operators is likely to remain under pressure," analysts at the investment bank wrote, adding domestic passenger traffic growth had likely slowed to 8-10% over the past three months from mid-to-high teen rates.
Despite the downgrade, Jet shares were up 1.4% in morning trade.