Shares of Jet Airways today ended 8.5 per cent lower after the airline posted its highest-ever annual loss of Rs 4,129 crore.
Shares of the Naresh Goyal-led carrier fell as much as 9.37 per cent to Rs 243 in intra-day trade and settled at Rs 245.35, down 8.5 per cent, on the BSE.
On the National Stock Exchange, the stock plunged 8.47 per cent to Rs 245.90.
The company's market capitalisation fell Rs 258.89 crore to Rs 2,787.11 crore.
Jet posted a net loss of Rs 2,153.57 crore for the quarter ended March 31, while its consolidated loss for the full financial year widened to Rs 4,129 crore, the company said in a BSE filing after the markets closed yesterday.
This was the fifth straight quarterly loss for the airline, which reported a net loss of Rs 495.53 in Q4 of 2012-13.
For 2013-14, Jet reported an operating loss of Rs 2,076.2 crore and a non-cash extraordinary write down of Rs 936 crore, aircraft-on-ground of Rs 417.6 crore, and goodwill impairment of Rs 700 crore.
Struggling with high expenses and adverse operating conditions, Jet Airways said it has adopted tough measures to lower costs and achieve profitability with a three-year business plan.
The decisions, which included appointing Australian Cramer Ball as the new CEO, cleaning up the balance sheet, pruning of overvalued assets, cost restructuring and changes in service and fleet plans, were taken yesterday at a board meeting attended for the first time by representatives of Abu Dhabi-based Etihad Airways, which acquired a 24 per cent strategic stake in the Indian carrier.
