Jet Airways shares tank 8% on profit-booking

Jet Airways market valuation also fell by Rs 651 crore to Rs 7,533 crore

Shares of Jet Airways on Tuesday came under heavy selling, falling almost 8 per cent, on emergence of profit-booking.

The stock slumped 7.96 per cent to settle at Rs 663.20 on BSE. During the day, it dived 8.81 per cent to Rs 657.05.

On NSE, shares of the company plunged 7.85 per cent to close at Rs 663.50.

In terms of equity volume, 8.42 lakh shares of the company were traded on BSE and over 77 lakh shares changed hands on NSE during the day.

The company's market valuation also fell by Rs 651.22 crore to Rs 7,533.78 crore.

Shares of the company had jumped over 4 per cent yesterday.

Jet Airways yesterday said it would focus on reducing expenses, especially in trimming maintenance and distribution costs, as the full service airline pursues strategic growth priorities amid stiff competition.

To bolster its overall income, the carrier would also focus on enhancing ancillary revenue by around Rs 250 crore.

In a presentation made to investors yesterday, the carrier has listed out its priorities for strategic growth.

The airline would look to reduce maintenance expense from January 2019 as well as bring down cost of sales and distribution, as per the presentation.