On a day when shares of Jet Airways plunged over 30 per cent following the airline’s complete suspension of operations, shares of peer InterGlobe Aviation hit a record high while those of SpiceJet ruled near its peak, making most of Jet’s misery.
Analysts said the outlook is bleak for the Naresh Goyal-founded Jet Airways, which looks like going the Kingfisher way. They advised investors to deboard SpiceJet and InterGlobe Aviation as well, as rising oil prices and a difficult operational environment for the sector could mean these stocks are past their prime.
On Tuesday, shares of Jet plunged 30.28 per cent to hit a low Rs 168. By recent estimates, Jet Airways was making a daily loss of Rs 21 crore and has debt and dues of at least Rs 15,000 crore. Read More