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NSE to remove Jet Airways from daily trading by month-end

ANI 

Shares of grounded will be removed from daily trading of futures and options at the (NSE) from effective June 28.

The reason cited by the bourse is the company's failure to respond to queries about persisting rumours in the market, NSE said in a circular late on Wednesday.

NSE also cited the company's failure to submit financial results for the year ended March 31 as well as observations made by its as reasons for its decision.

"The exchange has been seeking clarification from the company in the recent past about various rumours floating in the market, but Jet has failed to provide prompt responses. The responses have also not been clear and satisfactory," the circular said.

There are concerns with regard to continuity of flow of information about the company which is very vital for the appropriate price discovery in the scrip, NSE said.

"Hence, trading in the scrip may not reflect the actual status of the company. Accordingly, no contracts will be available for trading from June 28 ... as a preventive surveillance measure," it said.

stopped operations on April 17 and has been under the management control of State Bank of India-led consortium of lenders following a debt-restructuring plan. But no firm bids have come forth yet to revive the

Most of its board members and senior executives, including and Amit Agarwal, have resigned from their positions.

The went into a tailspin while facing bruising competition from low-cost airlines, fluctuating crude prices and a weak rupee.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 13 2019. 10:50 IST
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