Jet Airways (India) fell 3.46% to Rs 426.40 at 11:47 IST on BSE on profit booking after the stock rose 20.67% in the preceding four trading sessions to Rs 441.70 on 11 December 2014, from a recent low of Rs 366.05 on 5 December 2014.
Meanwhile, the BSE Sensex was down 40.40 points, or 0.15%, to 27,561.61.
On BSE, so far 4.20 lakh shares were traded in the counter, compared with an average volume of 4.79 lakh shares in the past one quarter.
The stock hit a high of Rs 451.35 and a low of Rs 420.30 so far during the day. The stock hit a 52-week high of Rs 458 on 11 December 2014. The stock hit a 52-week low of Rs 203.50 on 26 September 2014.
The stock had outperformed the market over the past one month till 11 December 2014, rising 68.01% compared with 1.10% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 89.61% as against Sensex's 2.25% rise.
The mid-cap company has an equity capital of Rs 113.60 crore. Face value per share is Rs 10.
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Recent rally in shares of Jet Airways (India) was triggered by drop in crude oil prices.
Brent crude futures dropped today, 12 December 2014, on persistent concerns over a supply glut and a bearish demand outlook. Brent for January settlement was off 11 cents a barrel at $63.57 a barrel. The contract had lost 56 cents a barrel to settle at $63.68 during the previous trading session.
Fuel costs account for a chunk of airline expenses and falling oil price is likely to provide relief.
Jet Airways (India) reported a net profit of Rs 70 crore in Q2 September 2014 compared with net loss of Rs 891 crore in Q2 September 2013. Revenue rose 16% to Rs 4772 crore in Q2 September 2014 over Q2 September 2013.
Jet Airways currently operates a fleet of 115 aircraft, which include 10 Boeing 777-300 ER aircraft, 8 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 75 next generations Boeing 737-700/800/900/900ER aircraft and 15 ATR 72-500 and 3 ATR72-600. With an average fleet age of 5.92 years, the airline has one of the youngest fleet of aircraft in the world. The company flies to 75 destinations, spanning the length and breadth of India and beyond.
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