The company is undertaking various liquidity initiatives, which includes, among others, equity infusion and a stake sale in Jet Privilege Private Limited (JPPL), and the timely implementation of these initiatives is a key rating sensitivity, it added. Jet Airways continues to have negative net worth due to accumulated losses and diminution in the value of its investments in its subsidiary Jet Lite (India) Limited. Furthermore, the liquidity strain has aggravated due to delays by the company in the implementation of its liquidity initiatives, the rating agency said. Jet Airways has underperformed the market by falling 26% from its recent high of Rs 347 on November 16, as compared to a 1% decline in the Sensex. The stock had more than doubled from its 52-week low level of Rs 163 on October 1, amid reports that the Tata Group was likely to acquire the struggling carrier. In comparison, the benchmark index down 3% during the same period.