Jet Airways tanks 34% on suspension of operations; hits 10-year low

The stock tanked 34 per cent to Rs 159, its lowest level since April 1, 2009. It was its sharpest intra-day fall since listing on March 14, 2005.

Shares of Jet Airways (India) tanked 34 per cent to Rs 159, also its 10-year low on the National Stock Exchange (NSE) on Thursday after the company suspended operations as lenders turned down the airline’s demand for emergency funding.

The stock was trading at its lowest level since April 1, 2009. It recorded its sharpest intra-day fall since its listing on March 14, 2005. It ended 32.23 per cent lower at Rs 169 apiece. 

According to a Business Standard report, lenders’ consortium, led by State Bank of India, indicated the effort to select a new investor would continue even as