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Shares in Jet Airways plunged after the company said that it had made record losses. The stock was down 6.64 per cent in trade and was last quoting at Rs 250.80 on the National Stock Exchange.
The company late on Tuesday reported a record loss of Rs 2,154 crore in the fourth quarter ended March 31, 2014. The company was impacted by higher operating expenditure and exceptional costs.
Jet Airways had reported a net loss of Rs 496 crore during the same quarter a year ago.
"We need to take stringent measures to ensure our success in this challenging and competitive aviation industry. There can be no short-term solutions. The changes required will take time to implement," Jet Airways' Chairman Naresh Goyal said.
The aviation industry has not been doing too well with just one player that is reported to be profitable. Higher aviation turbine fuel and high operating costs have affected the airline industry.
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