By Vijay Ganeshan Iyer
The Naresh Goyal-promoted Jet Airways is facing its toughest test yet. Shares of the airline are down as much as 9 per cent this month and 66 per cent for the year. The stock traded 2 per cent lower at Rs 280 at 12.30 hours on Tuesday.
Domestic stock exchanges have raised tough questions on Jets decision to defer June quarter earnings and reports about ongoing talks for a possible stake sale.
BSE and NSE have both slapped notices on Jet, seeking clarifications on deferrment of June quarter earnings and reports about a possible stake sale. The airline is yet to respond to these notices.
According to sources, BSE, NSE may soon issue fresh notices if Jet fails to respond on time.
Sebi is also probing possible violations of norms under the disclosure and listing agreement. Another report said the markets regulator is examining the role of credit rating agency Icra and the airline for not making timely disclosure to investors about alleged default risk of loans worth Rs 11,000 crore sanctioned to the company by multiple lenders.
The composition of Jets audit committee is also under the lens of the regulators as are the disclosures and audit committee reports on the airline.
A set of questions that ET NOW had sent to Jet Airways remained unanswered till the time of filing of this report.
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