Jet Airways shares have lost nearly 80 percent from its 52-week high of Rs 883.45, hit earlier this year.
At 1.07 pm, Jet Airways shares traded at Rs 178.90, still down by 6.85 percent, after opening at Rs 182.50, underperforming the sector by 4.93 percent.
The stock has been losing for the last eight days and has dropped by nearly 33 percent during the period. For the month, Jet stock has under-performed by over 36 percent.
On Thursday, aviation stocks plunged to their 52-week lows after the Narendra Modi government levied a custom duty of 5 percent on aviation turbine fuel (ATF). Jet stock has been a major laggard in the sector due to poor financials and controversies surrounding the company.
Jet Airways posted its second consecutive loss of over Rs 1,000 crore in the first quarter ended June 30 with a consolidated net loss of Rs 1,326 crore on an operating income of Rs 257 crore.
Earlier this month short-term and long-term loan facilities were further downgraded by rating agency ICRA for the third time in less two years.
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First Published: IST