Jet Airways plummets 6 pc on BSE as pilot agitation continues | business | Hindustan Times
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Jet Airways plummets 6 pc on BSE as pilot agitation continues

Shares of Jet Airways on Wednesday plunged over six per cent in morning trade on the Bombay Stock Exchange as pilots kept away from work for the second consecutive day leading to disruption of services.

business Updated: Sep 09, 2009 11:36 IST

Shares of Jet Airways on Wednesday plunged over six per cent in morning trade on the Bombay Stock Exchange as pilots kept away from work for the second consecutive day leading to disruption of services.

Shares of Jet Airways fell as much as 6.49 per cent over previous close to Rs 245 on the BSE.

The Mumbai-based airline has cancelled 31 domestic and international flights from various cities on Wednesday after 350 of its pilots went on a mass sick leave in protest against sacking of two pilots by the airlines management.

On the National Stock Exchange Jet Airways plunged six per cent to Rs 242.35. On the volume front, over 3.96 lakh shares changed hands on both the bourses.

As 40 per cent of Jet's pilots went on a mass sick leave yesterday crippling the Airways' service network with cancellation of almost 200 flights, the management of the private carrier retaliated by sacking three more agitators.

The scrip had nosedived 13 per cent during trade on Wednesday but later recovered to close with three per cent loss on the BSE.

Marketmen said the crisis in the private carrier came at a time when concerns about the prospects of the aviation industry were clouding investor sentiment.

Despite the Bombay High Court passing a restraining order against the agitation, the pilots' body, National Aviators Guild (NAG), decided to continue with their agitation.