Jet Airways scrips hit new low, tanks 19 per cent

The stock price of the grounded Jet Airways hit a new low during early trade on Monday as it slipped nearly 20 per cent to Rs 132.20 per share.

Jet Airways had "temporarily" suspended all flight operations from last Wednesday as it failed to secure an interim funding of Rs 400 crore for maintaining bare minimum operations. Following its grounding, the scrips have lost nearly 50 per cent of the value of its stock.

On the BSE, Jet was trading at Rs 143.15 per share, down 20.75 points or 12.66 per cent, in the afternoon session after it hit a 52-week low of Rs 132.20 per share during early trade, down 19.34 per cent.

"Nasim Zaidi has submitted his resignation as the non-executive non-independent Director of the company with effect from April 21, 2019 due to personal reasons and constraints of time," Jet Airways said in a regulatory filing on Monday.

The senior executives of the grounded airline met Union Finance Minister Arun Jaitley on Friday and requested him to direct the banks to release at least one month's staff salary.

Jet has not paid salaries to a large number of its employees for the last three months, causing huge financial distress to them. The carrier last week suspended its entire operations for want of cash and is unlikely to clear the employees' dues anytime soon.

The airline executives also appealed to expedite the bidding process for the airline's stake sale and ensure transparency in the procedure.

--IANS

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