Jet Airways shares continue downward trend; tank 15% after stock exchanges decide to impose trading restrictions

New Delhi: Shares of Jet Airways further plunged nearly 15 percent on Friday after stock exchanges decided to impose restrictions on its stock trading from 28 June earlier this week.

The scrip tumbled 13.37 percent to Rs 79.65 -- its multi-year low -- on the BSE.

On NSE, the shares tanked 14.96 percent to a multi-year low of Rs 78.15.

 Jet Airways shares continue downward trend; tank 15% after stock exchanges decide to impose trading restrictions

Representational image. Reuters.

Shares of Jet Airways had on Thursday also cracked nearly 18 percent.

Stock exchanges will impose restrictions on trading in Jet Airways shares from 28 June as part of preventive surveillance measures to curb excessive volatility, according to a circular.

The cash-starved company suspended operations in April and lenders are working on ways for the revival of the airline.

In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on a gross basis with 100 percent upfront margin and 5 percent price band".

There are restrictions in trading of shares that are under Trade for Trade Segment.

The decision has been taken jointly by the exchanges and would be effective from 28 June, it said.

According to the circular, the company has failed to provide prompt responses to queries of exchanges regarding various rumours.

Updated Date: Jun 14, 2019 13:40:24 IST