Jet Airways stock hits lower circuit, falls nearly 5% as deadline for submission of bids ends

Shares of Jet Airways on Friday plunged as much as 4.74 percent to hit lower price band on the BSE as its deadline for submission of bids ended

Press Trust of India March 13, 2020 12:35:07 IST
Jet Airways stock hits lower circuit, falls nearly 5% as deadline for submission of bids ends

New Delhi: Shares of Jet Airways on Friday plunged as much as 4.74 percent to hit lower price band on the BSE as its deadline for submission of bids ended.

The stock was locked in lower circuit on the BSE and the NSE at Rs 18.05 and Rs 17.70, respectively.

Jet Airways stock hits lower circuit falls nearly 5 as deadline for submission of bids ends

Representational image. Reuters.

Jet Airways' Committee of Creditors (CoC) on Thursday decided to approach the National Company Law Tribunal (NCLT) to seek two months' extension of deadline for submission of bids, which expired on Tuesday.

The CoC may seek an extension in the deadline in the face of no potential bidder coming forward and also due to the ongoing coronavirus concerns as it feels that it may not get the desired results if it were to go for liquidation of assets at this stage, according to sources privy to the development.

The bankers' committee had on 18 February set the new deadline of 10 March, for submission of bids for the grounded airline after South American conglomerate Synergy Group and New Delhi-based Prudent ARC failed to meet the deadline.

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