On Wednesday, shares of Indian airliner Jet Airways fell as much as 4.6 percent in morning trade on the NSE. The fall comes after the Jet Airways reported a fall in consolidated net profit to Rs 23 crores, a drop of nearly 95 percent, in the first three months of the year, up to March 2017.
Jet Airways recouped some of its losses after trading at 1.7 percent lower at Rs 451.85.
The losses are in stark contrast with the airliners stronger financial performance in the fourth quarter of the 2016 fiscal year. The carrier saw its total revenue rise over 3 percent to Rs. 5,728 crore.
Jet Airways Chairman, Naresh Goyal in a statement stated that the past year had been challenging in both the domestic and international markets. He also added that the growth in traffic in the domestic market has caused a downward pressure on yields despite a rise in oil prices. The company, however, has managed to reduced 1,902 crores despite weakening demand in international markets.