Jet Airways extends fall as ICRA downgrades credit rating

The stock slipped 6% to Rs 258 on Monday, extending its previous week's 10% decline, after the rating agency ICRA on Friday downgraded cash-strapped airline's long-term ratings from 'B' to 'C'.

Shares of Jet Airways have slipped 6% to Rs 258 on Monday, extending its previous week’s 10% decline, after the rating agency ICRA on Friday downgraded cash-strapped airline's long-term ratings from 'B' to 'C', the second such action by it since October. The short-term ratings have, however, been reaffirmed to 'A4'.

Jet Airways, the largest loser among aviation stocks, as compared to a 3% fall in SpiceJet and 2% decline in InterGlobe Aviation at 01:40 pm. In comparison, the S&P BSE Sensex was down 1.5% at 35,141 points.

“The rating downgrade considers delays in the implementation of the