Jet Airways shares tumble nearly 18% after bourses announce trading restrictions from 28 June

New Delhi: Shares of Jet Airways on Thursday cracked nearly 18 percent after stock exchanges decided to impose restrictions on its stock trading from 28 June.

The scrip plunged 16.71 percent to close at Rs 91.95 on the BSE. During the day, it dropped 23.18 percent to Rs 84.80 -- its multi-year low.

On the NSE, shares tumbled 17.72 percent to close at Rs 90.75.

In terms of traded volume, 35.05 lakh shares were traded on the BSE and over three crore shares changed hands on the NSE during the day.

 Jet Airways shares tumble nearly 18% after bourses announce trading restrictions from 28 June

Representational image. Reuters.

Led by the sharp fall in the scrip, its market valuation fell by Rs 209.47 crore to Rs 1,044.53 crore on the BSE.

Jet Airways shares have been falling for ninth consecutive days, tumbling 39 percent on the BSE.

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 revival of the airline.

In a circular, 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.

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Updated Date: Jun 13, 2019 16:57:38 IST