Jet Airways nears 52-week low; stock skids 9%

The stock dipped 9% to Rs 302 on the BSE in intra-day deal, trading close to its 52-week low of Rs 297 touched on July 19, 2018.

Shares of Jet Airways (India) have slipped 9% to Rs 302 per share on the BSE in intra-day trade after the media reports suggested that the airline will be unable to fly beyond 60 days unless cost-cutting measures including pay cuts are put in place. The stock was trading close to its 52-week low of Rs 297 touched on July 19, 2018 in intra-day trade.

The management team, including Chairman Naresh Goyal, has informed employees in face-to-face meetings in recent days in Mumbai and Delhi that the airline's financials are in a bad shape and drastic measures needed to