Shares of Jet Airways extended its fall to the 10th straight session on Tuesday after the government ordered SFIO probe in six cases, including that of Jet Airways and its six entities, in the first three months of the current financial year.The scrip has plunged around 40 per cent to Rs 44.05 on July 16 from Rs 73.20 on July 2.The Serious Fraud Investigation Office (SFIO), which probes white-collar crimes, comes under the corporate affairs ministry.As per data provided along with the written reply, the ministry ordered SFIO investigations in six cases till end of June in the current fiscal.Apart from Jet Airways and its six group entities, probe was ordered against Punj Lloyd and Pancard Club, the data showed.
Punj Lloyd was down 0.75 per cent at Rs 1.33 at around 9.50 am (IST), while the BSE Sensex was trading 120 points, or 0.31 per cent, up at 39,017 at around the same time.The beleaguered airline will also hold creditors meet today.
According to some reports, a State Bank of India commissioned forensic audit of Jet Airways books has revealed misappropriation of funds relating to provision of loans and fraudulent billing for JP Miles.The report also highlights that invoices raised were not verified leading to excess billing and fuel expenses were raised substantially for Jet even when they remained static for other airlines.