Jet Airways dips 5% amid reports Hinduja Group backs out, EoI deadline ends

The beleaguered airline had shut its operations in April last year due to severe cash crunch. It was admitted under the insolvency process in June, 2019.

Shares of Jet Airways (India) were locked in the lower circuit band of 5 per cent at Rs 47.75 on the BSE on Thursday amid reports that the Hinduja Group, that had explored investing in the beleaguered airline, has backed out as it found no value in the company. A Dubai-based fund, too, had evinced interest in investing in the grounded airline, but did not submit an offer.

However, according to the Business Standard report, South America-based Synergy Group and Delhi-based Prudent ARC submitted the EoIs yesterday -- the last day to submit the proposal for the revival of the airline.