Jet stocks plunge 16% as surveillance measures to kick in soon

After hitting an all-time low of Rs 84.80 per share, Jet Airways' scrips closed 16 per cent lower on Thursday, a day after the exchanges decided to shift the security from Rolling Segment to Trade for Trade Segment.

The two key stock exchanges -- BSE and NSE -- will impose preventive surveillance measure on Jet's scrip from June 28.

The decision was made following the inability of the company to issue a clarification with respect to several rumours in the markets and non-declaration of financial results for the year ended March 31, 2019.

"... It has been jointly decided by the exchanges that w.e.f. June 28, 2019 till further notice, the security of the company shall be shifted from 'Rolling Segment to Trade for Trade Segment, wherein the settlement in the security will take place on gross basis with 100 per cent upfront margin and 5 per cent price band," the stock exchanges said in a circular.

Additionally, Jet's scrip which is currently available for trading in the 'Futures and Options' segment will be excluded from the segment from June 28.

No contracts shall be available for trading in Jet's security.

Jet Airways had suspended operations on April 17, impacting thousands of employees, lessors, vendors and passengers.

At present, the lenders of Jet Airways led by the SBI are in the process of selling the airline to recover their dues of over Rs 8,400 crore.

--IANS

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