Jet Airways turns volatile; stock gains 116% from intra-day low

Shares of Jet Airways (India) turned volatile for the second day in a row on Friday, as the company's market price more than doubled from its intra-day low on the National Stock Exchange (NSE) on the back of heavy volumes.

The share soared 30 per cent to Rs 81.70 per share, zooming 116 per cent from its intra-day low of Rs 37.80, on the NSE. It opened 10 per cent lower at Rs 56.60 and slipped by another 40 per cent in the intra-day deals.

With today’s gain, the stock has surged 210 per cent from its all-time low of Rs 26.55 intra-day, touched on Thursday, on the NSE. Yesterday, the stock zoomed 177 per cent in the intra-day trade before finally settling at Rs 62.85, 90 per cent higher against Wednesday's close of Rs 33.10.

On the BSE, the private airline's stock rallied 96 per cent to Rs 76.80 from its intra-day low of Rs 39.10.

At 11:55 am, Jet Airways was trading 9 per cent higher at Rs 69, as compared to a 0.44 per cent decline in the Nifty50 index. A combined 56.86 million shares, representing 50 per cent of total equity of the company, had changed hands on the NSE and BSE.

State Bank of India-led lenders' consortium moved the National Company Law Tribunal (NCLT) Mumbai for insolvency of Jet Airways. The tribunal has sought the progress report in the next three months instead of 180 days. Resolution professional has also been directed to submit report every 15 days, starting July 5.

The tribunal also declared a moratorium on recovery of dues from Jet, the country’s first aviation firm to be admitted for bankruptcy. Jet had over 120 planes, of which only about a dozen are left with the airline. The rest of the planes had their leases terminated and many of them have been inducted by other airlines in India or abroad. CLICK HERE TO READ FULL REPORT