Jet Airways pilots union National Aviator's Guild (NAG) on Saturday said that it is trying to assist the company as it recognises that the aviation sector is going through a financially "turbulent" phase. The statement comes after the airline said that it is in talks with its employees and key stakeholders to implement cost reduction measures like pay cuts. "NAG recognises that aviation is passing through a turbulent phase. Fuel costs are on the rise, the rupee is at an all time low and low fares are among the factors contributing to the challenges faced by all airlines today," the pilots' union said in a statement on Saturday. "We are endeavouring to assist our company in facing these challenges by meeting with the management and being a part of the solution in achieving cost efficiencies and enhancing our service standards." Further, the union advised its members to help in achieving the common goals and warned against falling prey to "rumours and baseless speculation". "We look forward to a long and continued relationship with the company and are confident of the airline's sustainability in short as well as the long term," the statement added. On Friday, Jet Airways' scrip had plunged following reports on the sustainability of the company even as the airline dismissed these as speculation. At the BSE, the company's scrip on Friday fell by 7 per cent or Rs 23.20 per share to Rs 308 from its previous close of Rs 331.20 per scrip. The slump in the company's share price came after reports citing sources questioned the airline's sustainability in view of its financial woes. Later in the day, Jet Airways' CEO Vinay Dube said: ". recent media reports about the sustainability of the airline are not only factually incorrect, but also malicious. The airline would also like to deny any conjecture of a stake sale." "In line with the company's stated focus of creating a healthier and more resilient business, it has been implementing several measures to reduce costs as well as realise higher revenues, for desired business efficiencies," he was quoted as saying in a statement on Friday. "Some of these areas amongst others include, sales and distribution, payroll, maintenance and fleet simplification."