This follows the recent controversies surrounding India's second-largest airline over a couple of weeks now
The Board of Jet Airways (India) Ltd, which met on Thursday, decided to defer the announcement of unaudited financial results for the first quarter.
Adding to its ongoing financial woes, the company informed the stock exchanges in a statement that the Board's audit committee had refused to approve the financial results.
"It may be noted that the audit committee did not recommend the financial results to the Board for its approval, pending closure of certain matters. The trading window will continue to remain closed and will open 48 hours after publication of results for the quarter ended 30 June, 2018," it said in the statement.
This follows the recent controversies surrounding India's second-largest airline over a couple of weeks now. The deepening cash crunch has taken the wind out of the airline as aviation fuel in India continues to be the most expensive in Asia due to higher taxes. Rising global crude prices, coupled with a weakening rupee and cheaper ticket prices in a highly competitive market have compounded the matter for the company.
Media reports recently suggested that Jet had told its employees that it cannot operate for more than 60 days without trimming expenses, including their salaries. The company said it has resorted to cost cuts in a stock exchange filing, but called the report "incorrect".
Earlier in the day, Naresh Goyal, founder chairman, Jet Airways, said he felt "guilty and embarrassed" as a lot of shareholders have lost their money, amid the airline's shares plummeting on financial woes.
Stock of the full service carrier has slumped over 12% since July 2 and in intra-day trading on Thursday, it touched a 52-week low of Rs 286.95 a piece.
Addressing shareholders at the company's annual general meeting, Goyal said competition as well as fuel prices are on the rise.
"Lots of shareholders have lost money, I feel guilty and embarrassed," he was quoted as saying by PTI.
From its 52-week high price of Rs 883.65 scaled on January 5, 2018, shares of the company have tumbled 67.5% to hit its one-year low of Rs 286.95 in intra-day trading on Thursday.
Amid rising concerns over the airline's financial health and proposed salary reductions for employees, the Jet Airways chairman said a new committee would be set up to improve public perception and shed negative publicity about it.
All perceptions about the company will be corrected through a new executive committee. The airline's directors -- Naseem Zaidi and Ashok Chawla -- would be chairing the meetings of the new executive committee, Goyal said.
While noting that the airline has a very strong code share network with partners globally, Goyal said it is also looking at cooperation with Air India in terms of engineering and flight operations.
(With inputs from agencies)
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