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Jet Airways crashes on buzz of landing in bankruptcy court

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Jet Airways (India) crashed 43.27% to Rs 38.75 at 14:33 IST on the BSE after the media reported that the lenders have decided to take the air carrier to the bankruptcy court to recover their dues.

Meanwhile, the S&P BSE Sensex was up by 77.84 points, or 0.20% to 39,038.63.

On the BSE, 50.41 lakh shares were traded in the counter so far compared with average daily volumes of 15.73 lakh shares in the past two weeks. The stock had hit a high of Rs. 61.50 so far during the day. It hit a 52-week high of Rs. 399 on 18 June 2018. The stock has hit an intraday low and a 52-week low of Rs. 32.25 today, on 18 June 2019.

According to media reports, a consortium of banks led by the State Bank of India (SBI) has referred the debt-laden Jet Airways (India) to the National Company Law Tribunal (NCLT) for bankruptcy proceedings after negotiations with Etihad Airways and Hinduja Group did not fructify. A petition has already been filed with the NCLT's Mumbai bench, reports added.

Jet Airways (India) announced during trading hours today, 18 June 2019, that Ashok Chawla and Sharad Sharma resigned as independent directors or the company with effect from 17 June 2019 in view of the board continuing to be in non compliance with the provisions of the Companies Act, no additional directors being appointed and the process of bank-led resolution plan not moving forward.

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

First Published: Tue, June 18 2019. 14:37 IST