Jet Airways tumbles and falls

Jet Airways continues with its tumble down. The stock, figuring among the top five losers on the BSE, fell over 8% to Rs.224.70 – a new 52-week low.

The Income Tax (IT) authorities carried out a survey of Jet’s accounts across its offices and Delhi on Wednesday. It is alleged that Jet is siphoning off money from the airline and that is what led to the IT investigation.

This was not an IT raid but a survey, where the department checks the documents of the airline when there is either a complaint or a suspicion.

That apart, yesterday there was an incident on its Mumbai-Jaipur flight where the cabin crew’s error in controlling the air pressure in the cabin after takeoff led to passengers panicking, bleeding from their nose and suffering from acute ear aches. Passengers affected are threatening legal action against the company.