On Monday, the airline reported its third consecutive quarterly loss at Rs 1,261 crore in three months to September.

The stock has delivered 21.88% returns during the last one month.  It is is trading above its 50-day moving average of 210.87 but lower than its 200-day moving average of 321.72 level.

Another crippling factor was the forex loss, which jumped more than six-times to Rs 416.69 crore from Rs 72.99 crore in the year-ago period.

Jet Airways said that external factors such as crude price, rupee devaluation and pricing environment necessitate change in the airline's operations.

The assurance came following a meeting between the Jet Airways management and its domestic pilots' union, National Aviator's Guild, at the airline's headquarters.

The tax department is also examining the airline's deal with Godrej Buildcon where Jet is said to have received Rs 1,725 crore as a monetary consideration.

Airlines around the world do not have to pay taxes on oil and therefore are emerging stronger

The airline has chalked out a cost reduction programme of more than Rs 2,000 crore over two years in addition to plans for better inventory management, improving pricing and monetising its well-established 8.5 million member JetPrivilege programme.

A senior ministry official said the Registrar of Companies (RoC) has asked for details from the airline about certain issues and that the process is going on. Specific details could not be immediately ascertained.

Jet Airways chairman Naresh Goyal met aviation secretary RN Choubey on Monday and apprised him of the ongoing crisis.

Jet Airways, however, claimed that its account with SBI and all other banks is \"standard\" and it has not defaulted on any of its payment obligations.

'No' says Jet Airways emphatically. But with mounting losses, negative net worth of Rs 7,100 crore and liabilities well in excess of assets, it may be very, very close.

The buzz earlier was that having posted a loss of Rs 1,040 crore for the fourth quarter of fiscal 2018, the airline was in serious damage control mode and had informed its employees that a 5-25 per cent salary cut was on the cards.

Jet's expenses has registered a steep rise, primarily led by aviation turbine fuel cost, foreign exchange losses, loans advances to subsidiary JetLite, and aircraft maintenance charges.

Jet Airways refuted the claim in a regulatory filing. \"The statement 'Can't fly beyond 60 days, Jet tells staff', as appeared in the media, is incorrect and malicious,\" the airline informed the stock exchange.

At 9:21 am, the Jet Airways stock was down 7.21% or 30.35 points to 392 level. The stock closed at 421 level in Wednesday's trade.  The stock hit a fresh 52-week low of 386.05 level, breaching the previous yearly low of 389 level. On Wednesday, the company's scrip ended at Rs 421.15, up 0.23 per cent on the BSE.

Naresh Goyal-promoted Jet Airways today reported a standalone net loss of Rs 1,036 crore in the March quarter due to rise in oil prices and weaker rupee.

Things are looking up for the aviation sector in the country and the airlines are gearing up to service the ever-increasing demand. Full-service carrier Jet Airways has entered into an agreement with Chicago-based aircraft manufacturer Boeing to purchase 75 B-737 Max aircraft.