According to the BSE stock exchange on Wednesday, carrier Jet Airways is in trouble as its shares have dropped more than 15% in the last three days. In the last one to two weeks, the airline has seen a lot of changes.
According to sources, Jet Airways temporarily slashed some employees’ salaries by up to 50% last Monday, and some employees were sent on leave without pay. On Wednesday, the aviation security agency BCAS revoked the accreditation granted to the airline’s aviation security training facilities.
The airline’s shares, which are currently trading at Rs 65.55 per share, have lost roughly 18% of their value in only five days, while they have lost 30.74% of their value in the previous month. In the previous six months, it has seen a 45.01 percent decline in its share price.
The aviation security organisation Bureau of Civil Aviation Security (BCAS) has revoked the accreditation granted to Jet Airways’ aviation security training facilities in light of the ongoing uncertainty surrounding the airline’s operations.
“The competent authority has revoked the accreditation granted to both the Aviation Security Training Institutes (ASTIs) of Jet Airways at Gurugram and Mumbai. The airline may apply afresh for approval of its ASTIs as and when it is ready for inspection…,” BCAS said in a communication.
According to reports, a process for resolving insolvency has revealed the Jalan Kalrock group as the successful bidder for the bankrupt airline.
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