Jet Airways clarifies on IT Dept probe report; Stock drops 3%

In a filling to BSE, the airline company clarified that they have not received any communication till date from the Income Tax Department in this regard.

Aug 30, 2018 06:08 IST India Infoline News Service

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With all struggles to manage its wings in airline segment, Jet Airways, on Thursday has given a clarification to the exchanges on a report filed by MoneyControl, which said that ‘I-T Dept probes Jet Airways-Godrej Buildcon land development deal’.

In a filling to BSE, the airline company clarified that they have not received any communication till date from the Income Tax Department in this regard.

On Aug 29, the exchange has sought a clarification from the company on news article published by MoneyControl on its website on Wednesday titled "I-T Dept probes Jet Airways-Godrej Buildcon land development deal".

According to the media report, the company has received a money consideration to the tune of Rs1,725cr from Godrej Buildcon as a part of acquisition of the Bandra-Kurla Complex land. The IT Department is evaluation whether both the parties would attract tax liability on the deal.

Meanwhile, the company, in its statement to the exchanges on Wednesday after market hours, has announced a plan to start 28 new flights including daily services from Indore to Jodhpur and Vadodara, in the next month.

Jet Airways (India) share price is currently at Rs286.15, down by Rs5.55 or 1.9% from its previous closing of Rs291.70 on the BSE.

The scrip has opened at Rs289.90. It has touched a high and low of Rs289.90 and Rs281.55, respectively. So far 41,08,212 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs3,313.71cr.

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