Stock market analyst Ashwani Gujral suggested investors to ‘sell’ Jet Airways with a target of Rs 270.

According to Mr. Gujral, investors can sell the stock with a strict stop loss of Rs 320.

Mr. Gujral feels that Jet Airways stock would remain under high pressure due to existing market condition. The stock also remained weak on Wednesday (June 10), and closed the day at Rs 301.60 on the Bombay Stock Exchange (BSE).

Today (June 11), the stock opened weak at Rs 302.20 on BSE. The share price has seen a 52-week high of Rs 572.95 and a low of Rs 115.25 on BSE.

Mr. Gujral also suggested that if the stock fell below Rs 263, it may see more weakness. So the investors must sell Jet Airways in today’s session. After selling the stock, the interested investors can purchase the stock again at a low price, for medium term prospective to make good profits.

Jet Airways, on June 09, said that it will cut capacity by another 10 per cent and redeploy surplus aircraft to choose international paths that are showing recovery signals; it strives to deal with a difficult slump, which witnessed passenger traffic going down.

Last week, the company announced that it had already slashed capacity by a fifth in the Indian market and was planning to trim it further.

The company, which runs 334 flights on a daily basis, will now be burdened with surplus aircraft and may go slow on delivery of aircraft it had placed from Boeing two years back.

The company, on May 26, said that it expect the year ahead to be difficult in terms of continued slow demand for both domestic as well as international processes.

The worldwide financial situation together with economic realities of the airline business in India needs outstanding efforts to return to breakeven and profitability, the company said.