Jet Airways stock falls 4% on reports of preliminary govt probe

Shares of Jet Airways today fell nearly 4 percent in morning trade on bourses after reports surfaced that the Ministry of Corporate Affairs has opened a preliminary inquiry into the carrier.

As per the media reports, the Mumbai Registrar of Companies (RoC) will inspect Jet's books of accounts.

In a regulatory filing, however, the company today said it "has not received any communication from the Ministry of Corporate Affairs in this regard".

The shares of the company opened on a weak note at Rs 297.80, then fell to a low of Rs 289.95, down 3.73 percent over its previous closing price.

Similar movement was seen on NSE as well, where the stock opened at Rs 297.40, then fell to a low of Rs 289.65, down 3.89 percent over its last close.

Jet Airways is facing financial stress and on August 9 the company held off from announcing the unaudited financial results for the June quarter. Both BSE and NSE have sought an explanation from the company on this.

Meanwhile, a meeting of the board of directors is scheduled to be held on August 27 to consider and approve the unaudited financial results for the first quarter ended June 30.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)