Jet Airways shares tank over 29% after consortium of bankers move grounded airline to NCLT

Shares of Jet Airways further plummeted over 29 percent on Wednesday after the consortium of bankers took the grounded airline to the National Company Law Tribunal

Press Trust of India June 19, 2019 12:43:28 IST
Jet Airways shares tank over 29% after consortium of bankers move grounded airline to NCLT
  • Jet Airways shares continued to face heavy selling pressure and tanked 28.18 percent to an all-time low of Rs 29.05 on the BSE

  • This the 13th consecutive trading day fall for Jet Airways, which has tumbled nearly 81 percent during this period

  • The consortium of 26 bankers led by State Bank on Tuesday took the grounded Jet Airways to the National Company Law Tribunal to recover their dues of over Rs 8,500 crore

New Delhi: Shares of Jet Airways further plummeted over 29 percent on Wednesday after the consortium of bankers took the grounded airline to the National Company Law Tribunal.

The scrip continued to face heavy selling pressure and tanked 28.18 percent to an all-time low of Rs 29.05 on the BSE.

At the NSE, shares of the company plunged 29.38 percent to an all-time low of Rs 28.60.

Jet Airways shares tank over 29 after consortium of bankers move grounded airline to NCLT

Representational image. Reuters

This the 13th consecutive trading day fall for Jet Airways, which has tumbled nearly 81 percent during this period.

The consortium of 26 bankers led by State Bank on Tuesday took the grounded Jet Airways to the National Company Law Tribunal to recover their dues of over Rs 8,500 crore.

The tribunal will hear the matter on Wednesday.

Jet Airways, started over 25 years ago, stopped flying on 17 April, after it ran out of cash and the unpaid lessors took away most of its 100-odd operational aeroplanes.

The scrip has also been on a back foot following the announcement that 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 issued last week.

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