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Jet Airways trades near 10-year low; plunges 56% in two months

The stock slipped 8% to Rs 116, hovering near its lowest level since March 2009 on the BSE in intra-day trade.

SI Reporter  |  Mumbai 

Jet Airways
Jet Airways

Shares of (India) were trading 8 per cent lower on the in the morning deals on Monday after concerns over a potential government-led investigation surfaced, implying derailment of the plan of the cash-strapped airline. It was trading in the red for the sixth straight session.

The stock was trading at Rs 116 peice, close to its record low of Rs 115 touched on March 12, 2009 on the BSE, in the intra-day deals in an otherwise firm market.

In the past two months, the market price of has plunged 56 per cent, as compared to a 3 per cent rise in the S&P Sensex.

According to a Business Standard report, Hinduja group, which has expressed interest in buying a stake in Jet Airways, is learnt to have sought an assurance from the union government that the investigation linked to the Naresh Goyal-led airline would be fast-tracked so that the potential of its business is not hampered once it decides to invest. CLICK HERE TO READ FULL REPORT

The Mumbai bench of the bankruptcy court is also scheduled to hear on Monday, insolvency petitions filed against by two of its suppliers, The Economic Times reported.

"This could also hurt the efforts of banks to cobble together a deal with investors to revive the grounded airline," the report said.

First Published: Mon, June 10 2019. 09:46 IST