Jet Airways shares plunge to 52-week low to Rs 163, drop 30% after ailing airline shutters operations temporarily

Shares of Jet Airways plummeted over 30 percent in early trade on Thursday, a day after the ailing airline shuttered its operations temporarily

Press Trust of India April 18, 2019 12:20:08 IST
Jet Airways shares plunge to 52-week low to Rs 163, drop 30% after ailing airline shutters operations temporarily
  • With lenders deciding not to extend any emergency funds, Jet Airways on Wednesday announced a temporary suspension of operations

  • Meanwhile, in a statement early on Thursday, Jet Airways' lenders said they were reasonably hopeful of a successful bidding process for the stake sale

  • Market analysts said the decline in the stock was largely a knee-jerk reaction of the temporary suspension of operations for the struggling airline

New Delhi: Shares of Jet Airways plummeted over 30 percent in early trade on Thursday, a day after the ailing airline shuttered its operations temporarily.

On the BSE, the scrip hit an intra-day low of Rs 168.60, a fall of 30.28 percent compared to the previous closing level. The stock is hovering around its 52-week low level of Rs 163 on BSE.

Jet Airways shares plunge to 52week low to Rs 163 drop 30 after ailing airline shutters operations temporarily

Representational image. Reuters.

A similar trend was witnessed on the NSE too, where the share crashed to hit a low of Rs 158.70, down 34.01 percent over its last close, which is also its 52-week low level.

With lenders deciding not to extend any emergency funds, Jet Airways on Wednesday announced a temporary suspension of operations.

Meanwhile, in a statement early on Thursday, Jet Airways' lenders said they were reasonably hopeful of a successful bidding process for the stake sale.

The announcement came early morning ahead of market opening.

Market analysts said the decline in the stock was largely a knee-jerk reaction of the temporary suspension of operations for the struggling airline.

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