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Jet's scrip crash over 10% on fears of takeover failure

IANS  |  Mumbai 

plunged on Tuesday following reports of breakdown in talks between the and Etihad for a stake sale of the now grounded

Additionally, the stocks were impacted by reports that Jet's vendors approached the (NCLT) on Monday.

Other aggrieved parties, such as the employees' union are also likely to take the to the NCLT, but it remains to be seen if their pleas will be admitted.

On the BSE, the airline's plunged 10.58 per cent or Rs 13.25 to Rs 111.95 on Tuesday.

"Shares of closed 10 per cent lower after reports emerged that and may no longer proceed with plans to revive the ailing carrier," said Deepak Jasani, of Retail Research,

Having run out of cash, had suspended operations on April 17, impacting thousands of employees, lessors, vendors and passengers.

Lenders of Jet Airways led by state-run are currently in the process of selling the to recover their dues of over Rs 8,400 crore.

In response to the lenders' call for stake sale in the airline, only submitted a bid. The other three investors -- private equity firm TPG Capital, and and Infrastructure Fund (NIIF), which had qualified in the expression of interest (EoI), did not submit any financial proposal.

There were also two unsolicited bids from foreign investors. The in May said that it was exploring options to buy a stake in the

"Hinduja Group is evaluating the Jet Airways opportunity," a had said.

--IANS

rv/rtp

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

First Published: Tue, June 11 2019. 21:40 IST
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