In one year of suspending operations, Jet Airways shares plummet 88 pc

Registering a sharp erosion in value, shares of Jet Airways have plunged 88 per cent in one year of the full service carrier stopping operations due to debt woes.

On Friday, it will be one year after the airline announced temporary suspension of flights as it ran out of cash for daily operations. Currently, the company is undergoing insolvency resolution process.

An analysis of its price movements showed that the airline's scrip witnessed significant selling in one year. The share crashed 87.98 per cent to now trade at Rs 19.69 on the BSE.

The figure is based on the closing prices of April 18, 2019 and April 16, 2020.

On April 18 last year, the scrip closed at Rs 163.90. April 17, 2019, was a trading holiday for the equity markets.

During the one-year period, Jet Airways' market valuation also took a hit, falling by Rs 1,637.33 crore to reach Rs 223.67 crore now.

In the past one year, the benchmark Sensex fell 8,537.67 points.

On June 20, 2019, the National Company Law Tribunal admitted the insolvency petition filed against Jet Airways.

While some entities expressed their interest in the airline, no concrete proposals have come up so far.

On March 18, the tribunal allowed 90 days' extension for the corporate insolvency resolution process of Jet Airways.

When the operations came to a halt due to mounting debt woes and unpaid salaries, the airline had around 16 own planes. Earlier, it had a fleet of little over 120 aircraft.