Jet Airways skids 20% as bidders show disinterest in following up on offers

Jet Airways (India) shares skid 20 per cent to hit its 52-week low of Rs 123 on the BSE in early morning trade, on report that bidders have not shown interest in following up their offers for the debt-laden airline with a few days left to submit their final bids. The stock is trading close to its all-time low level of Rs 115 touched on March 12, 2009 in intra-day trade.

Since April 16, the market price of Jet Airways has tanked 56 per cent from the level of Rs 262, after the company suspended operations as lenders turned down the airline’s demand for emergency funding.

According to a report by 'The Economic Times', the bidders for Jet Airways so far appear uninterested in following up on their expressions of interest, dealing a major blow to the early revival of the airline.

With just ten days to go for final submission of bids, three of the four qualified bidders — Etihad Airways, TPG Capital and Indigo Partners — have not signed nondisclosure agreements, a must for conducting due diligence, the report said.

According to a report by 'Mint', the registrar of companies (RoC) will report to the government in a month whether the promoters of Jet Airways (India) Ltd need to be investigated for any fund diversion.

The RoC has decided to speed up its ongoing inspection of Jet Airways’ books, which was initiated last August after the company deferred its first quarter FY19 results the same month, the report quoted a person familiar with the development.