Jet Airways hits upper circuit for 7th straight day, nears 3-month high

In the past 10 trading days, the stock has rallied 54 per cent from the level of Rs 18.39, hit on December 11, as compared to 2.5 per cent rise in the S&P BSE Sensex during the same period

Shares of Jet Airways (India) were locked in 5 per cent upper circuit for the seventh straight day at Rs 28.25 on the BSE on Thursday as the creditors of the shuttered airline decided to seek fresh initial bids for the airline. The stock is trading at its highest level since September 30, 2019.

The Committee of Creditors (CoC) would seek fresh Expression of Interest (EoI), according to a regulatory filing on Monday.

“The 6th CoC meeting of Jet Airways (India) was held on December 17, 2019 and the CoC passed the resolution to issue fresh invitation of Expression of Interest for the corporate debtor in the e-voting concluded on December 22, 2019,” the resolution professional for the bankrupt company said in a regulatory filing on Monday.

Earlier this month, the National Company Law Tribunal (NCLT) had directed the CoC to expedite their decision on seeking fresh EoIs in view of new interest being shown for the grounded airline, the Press Trust of India (PTI) reported.

Jet Airways stopped flying in April after it ran out of money for daily operations. The airline is undergoing resolution process under the Insolvency and Bankruptcy Code (IBC).

In the past 10 trading days, the airline's stock has rallied 54 per cent from the level of Rs 18.39 on December 11, as compared to 2.5 per cent rise in the benchmark S&P BSE Sensex. It hsa zoomed 87 per cent from its all-time low price of Rs 15.10, touched on October 22, 2019.

Till 12:02 pm, a combined 36,764 equity shares had changed hands and there were pending buy orders for 198,027 shares on the NSE and BSE, exchange data shows.

Jet Airways is trading under ‘Z’ group category which includes companies which have failed to comply with its listing requirements and/or have failed to resolve investor complaints. The trades in these scrips executed in 'Z' group will be settled on trade-for-trade basis. Under the trade-for-trade segment, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.