Jet Airways Ltd Crisis Stock going Down with its Performance Jet Airways Ltd Stock gone Down from Rs 890 to Rs 284 with its Bleeding Performance
Jet Airways Ltd is an Indian International Airline based in Mumbai. In September 2018, it is the Second Largest Airline in India after IndiGo with a 15% Passenger Market Share.
Founder: Mr Naresh Goyal
Founded: 1 April 1990, Mumbai
Headquarters: Mumbai MH India
CEO: Vinay Dube
Jet Airways India Ltd Stock fell in early trade today amid reports which said the Airline would be unable to Fly ... The stock is down more than 70% since the beginning of this Year.
Salary cuts for Pilots are going to be in the range of 15% to 25%. inning of this year.
According to a report , the management team, including Chairman Mr 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 be taken to cut costs.
Jet Airways is the latest Airline to feel the pinch of rising crude prices and a falling rupee. The Airline has informed its employees that they will have to take a 20% - 30% Salary cut due to rising operational expenses. The salary cut is from 10% for employees earning Rs 12 lakh per annum to 20% for Employees
earning up to Rs 1 crore. Salary cuts for pilots are going to be in the range of 15%.
Meanwhile, Jet Airways has approached investment bankers again to help sell a stake in the carrier.
According to the report, the Airline was looking to raise immediate cash and the transaction could include Jet Airways founder Naresh Goyal selling a part of the promoter's stake in
Jet Airways saw profits in two consecutive years - fiscal 2016 and 2017 - but saw losses of Rs 76 crore in FY 2018. The Airline is not alone in this. IndiGo reported a 97% drop in
profits in the April-June period from the year-ago quarter.
Jet Airways, which completed 25 years of operations earlier this year, had 16,500 Permanent Employees as on March 31, 2018.
Besides, there were a total of 6,500 Temporary / Casual Employees, as per the Airline's annual report for 2017-18.
"Financial performance during the quarter was weaker due to the Continuing increase in the price of Brent fuel without a corresponding increase in Air fares, as well as mark-to-market adjustments due to a weaker rupee," Jet Airways Chief Executive Officer Mr Vinay Dube said. For Financial Year 2017-18, the
Airline reported a standalone net loss of Rs 767.62 Crore, against a net profit of Rs 1,482.52 crore, according to the filing.
Jet Airways Chairman Naresh Goyal has apologised to shareholders for the losses they suffered because of the sharp erosion in the Airline’s share price.
Shares of India's second-largest domestic Airline hit a 52-week
low of Rs 286.95 in intra-day trade on Thursday — it closed at
Rs 301.7. On a year-to-date basis, the stock has tanked 63.7
per cent, highest fall among aviation stocks. IndiGo and SpiceJet stocks, meanwhile, were down 11.7 and 38.6 per cent, respectively, during the same period.
A lot of shareholders have lost money. I felt guilty and embarrassed,” Goyal told shareholders after listing out measures for growth and corporate governance at the annual general meeting here on Thursday.
Jet launched an IPO in 2005 with an offer price of Rs 1,100 and the stock has been trading below the listing price for the past
Goyal — facing tough questions from employees for enforcing
salary cuts — broke away from his prepared speech at the AGM to list steps to improve the situation at hand. He said a new committee would be set up to improve public perception and negative publicity. He said the board was being strengthened to
correct a perception that the Airline is a family-run enterprise. He also said former bureaucrat and board member
Nasim Zaidi would Chair the company's executive committee.
Mr Naresh Goyal
He’s the Chairman of Jet Airways.
His first job was of a cashier in his uncle’s travel agency,
East West Agencies.
After graduating, he joined Lebanese International Airlines.
Between 1967 to 1974, he worked with several foreign Airlines.
In 1975, he became the RM of Philippine Airline in India.
In 1991, when the Indian economy adopted the LPG policy, the
government of India announced the Open Skies Policy.
This policy enabled liberalization of rules and regulations of
the international aviation industry.
He launched Jet Airways as an Air service on May 5, 1993.
II. Jet Airways - Birth and childhood:
1992 - Incorporated as a limited liability company.
1993 - Began operations as an Air taxi. It used to provide the
facility of short commercial flights on demand.
1994 - Shares transferred to Naresh Goyal (60%), Gulf Air (20%)
and Kuwait Airways (20%).
1995 - Granted a scheduled Airline status.
1997 - Ministry of Civil Aviation forbid foreign investment in
Airlines. Naresh Goyal was granted 100% shares.
2004 - First international flight.
2004 - Listed on BSE and became public with N. Goyal retaining
III. Acquisitions and Subsidiaries:
2006 - Announced intention to acquire Air Sahara.
2007 - Acquired Air Sahara for ₹14.5 billion. Renamed it as
JetLite, a fully owned subsidiary.
2008 - Alliance with Kingfisher Airlines for code sharing.
2009 - Launched Jet Konnect, its low cost brand.
2010 - Became largest Airline in India (22.6% passenger share).
2012 - Merged JetLite into Jet Konnect.
2013 - Sold 24% stake in Jet Airways to Etihad Airways for US
Every Staff of Jet Airways is waiting now to know
When Mr Naresh Goyal The Chairman of Jet Airways would Run Away
Jet Airways stock falls amid reports of financial crisis, staff salary cut
जेट एयरवेज इंडिया लिमिटेड कर्मचारियों को अनिश्चितता है कि सही समय पर सही निर्णय लेने की आवश्यकता,
कल बहुत देर हो जाएगी ।
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