India’s second largest carrier by passengers carried, Jet Airways, on Friday posted a net loss of Rs. 495.53 crore for the quarter ended March 31 from a loss of Rs. 298.12 crore during the same period a year earlier.
Net sales of the Naresh Goyal-led airline dropped 2.96% to Rs. 3,921.92 crore from Rs. 4,041.61 crore last year. Shares of the airline tanked 3.69% to close at Rs. 562.70 on the BSE on Friday.
Also, the airline at its general meeting held on Friday, approved the preferential allotment of 27.2 million shares to Abu Dhabi-based Etihad Airways at Rs. 754.73 a share, inclusive of premium. “The preferential allotment of shares is subject to the fulfillment of certain conditions precedent including approval of the Foreign Promotion Board and the Competition Commission of India,” Jet Airways said. “The adoption of new set of articles of association of the company was deferred and will be taken up at a subsequent meeting with a fresh notice being issued.”
Etihad, in April, agreed to acquire a 24% stake in Jet for $370 million, giving it a bigger foothold in the fast-growing Indian market.