Jet Airways shares fall for second straight session, plunge over 5% amid continued uncertainty over revival plan

New Delhi: Shares of Jet Airways fell for the second straight session Thursday, plunging over 5 percent, amid continued uncertainty over the revival plan of the company.

The scrip declined 5.31 percent to Rs 256.60 on BSE.

On NSE, shares of the company slumped 4.93 percent to Rs 256.40.

The stock has been falling since Wednesday and, in the process, its market valuation has been eroded by Rs 365.48 crore in two days on BSE.

Jet Airways' shares slumped nearly 8 percent on Wednesday too.

A file image of a Jet Airways aircraft. PTI

The airline's Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 percent.

Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier.

In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing".

Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares.

This is subject to the condition that his shareholding post such infusion is at least 25 percent, he said in the letter which was seen by PTI.

According to Jet Airways' shareholding pattern on BSE, as of the quarter ending December 2018, Goyal owns 5,79,33,665 shares, amounting to 51 per cent stake in the company.

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