Mumbai: Shares of India’s second-largest airline by passengers carried, Jet Airways India Ltd, on Friday slumped over 13% to hit over a three-year low after the company said its auditors did not approved its financial earnings for the June quarter. Jet Airways shares fell as much as 13.3% and touched a low of 261.60 a share—a level last seen on 16 June 2015. At 9.48am, the scrip was trading at 282 on BSE, down 6.53% from previous close. Year to date, the stock declined 69%.

Shares of rivals SpiceJet Ltd and InterGlobe Aviation Ltd rose 2.2% and 1.7%, respectively. India’s benchmark Sensex Index fell 0.17% to 37,960.14 points.

The company said in a notice to exchanges that the board “deferred the matter of consideration of the unaudited financial results for the quarter". “It may be noted that the Audit Committee did not recommend the said financial results to the Board for its approval, pending closure of certain matters", the report added.

Analyst were already cautious on the outlook of the aviation sector due to the rising fuel cost and depreciating currency. Recently, Indigo posted nearly 97% drop in its net profit, its worst ever quarterly performance. SpiceJet Ltd will report its earnings next week.

Last week, the company had said that it was looking to raise immediate cash and the transaction may include Jet Airways founder offloading a part of the promoter’s stake in the company. Jet Airways is focused on creating a healthier and more resilient business and is implementing several measures to reduce cost, as well as realise higher revenue, for desired business efficiencies

The company also denied that it had already started firing people and had told some workers to take as much as a 25% cut in pay.

Mint had on 3 August reported that Jet Airways had approached investment bankers to help sell a stake in the carrier. However, the company has denied this report.

Chairman Naresh Goyal said in annual general meeting on Thursday that he felt “guilty and embarrassed" since a lot of shareholders had lost their money, amid the airline’s shares plummeting on financial woes.

Brokerage firm Elara Capital expects that Jet Airways to report loss of 490 crore versus profit of 580 crore in June quarter due to aggressive pricing that resulted in flat yield, despite 33% fuel cost increase. Its’s domestic passenger growth was also expected to be flat lowest during the quarter.

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