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Jet Airways shares dwindle further; tank over 29 pc

Press Trust of India  |  New Delhi 

Shares of Jet Airways further plummeted over 29 per cent Wednesday after the consortium of bankers took the grounded airline to the National Company Law Tribunal.

The scrip continued to face heavy selling pressure and tanked 28.18 per cent to an all-time low of Rs 29.05 on the BSE.

At the NSE, shares of the company plunged 29.38 per cent to an all-time low of Rs 28.60.

This the 13th consecutive trading day fall for Jet Airways, which has tumbled nearly 81 per cent during this period.

The consortium of 26 bankers led by State Bank Tuesday took the grounded Jet Airways to the National Company Law Tribunal to recover their dues of over Rs 8,500 crore.

The tribunal will hear the matter Wednesday.

Jet Airways, started over 25 years ago, stopped flying on April 17, after it ran out of cash and the unpaid lessors took away most of its 100-odd operational airplanes.

The scrip has also been on a back foot following announcement that stock exchanges will impose restrictions on trading in Jet Airways' shares from June 28, as part of preventive surveillance measures to curb excessive volatility, according to a circular issued last week.

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

First Published: Wed, June 19 2019. 12:05 IST
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