Jet Airways (India) flew into an air pocket early this morning with a loss of over 7 per cent due to unimpressive quarterly earnings numbers.The airline major on Wednesday posted a standalone net loss of Rs 1,036 crore for the fourth quarter to March.
It had posted a net profit of Rs 602.42 crore in the same period last year.
The stock was down 7.40 per cent at Rs 390 at around 9.25 am.
The BSE Sensex was up 129 points, or 0.38 per cent, at 34,473.79.For 2017-18, net loss stood at Rs 767.62 crore compared with net profit of Rs 1,482.52 crore in the previous fiscal.On a consolidated basis, the company reported net loss of Rs 636.45 crore in 2017-18 against net profit of Rs 1,498.68 crore in 2016-17.The airline attributed the net loss to increase in fuel costs by Rs 366 crore, a mark-to-market adjustment of Rs 156 crore due to a weaker rupee and a one-time maintenance charge of Rs 253 crore.