Jet decline continues along with the pilot strike

Jet Airways was currently trading at Rs 258.90, down by 3.65 points or 1.39% from its previous closing of Rs 262.55 on the BSE.

The scrip opened at Rs 260, it’s high so far and has touched a low of Rs 254.15. So far 35,675 shares were traded on the counter.

The BSE group ‘A’ Midcap stock of face value Rs 10 has touched a 52 week high of Rs 548.05 on September 10, 2008 and a 52 week low of Rs 115.25 on March 12, 2009.

The BSE Mid cap index is currently trading at 6,010.76, up by 1.19% from its previous closing.

The scrip price has witnessed upswings of 3.07% since last week and 11.84% since last month.

The stand-off between the Jet Airways management and its pilots continued for the third day with flights getting disrupted and the airline loosing around Rs 30 crore per day. Nearly 400 pilots did not report for duty on Wednesday with over 290 flights being cancelled.

While the management reiterated its decision to keep out the dismissed pilots, the striking pilots are demanding reinstatement of their colleagues.

The airline’s chairman Naresh Goyal met with aviation secretary M M Nambiar and Director General of Civil Aviation Nasim Zaidi on Tuesday in order to find a solution to the issue. However, the civil aviation ministry is not likely to invoke the Essential Services Maintenance Act (ESMA) against the protesting pilots.

Meanwhile in latest development, the Bombay High Court has served a contempt of court notice to the striking pilots.