Shares of debt-ridden private sector carrier Jet Airways surged in trade on Tuesday morning, despite the firm announcing temporary suspension of all operations. Jet Airways share price surged 12% to hit the day's high at Rs 175.60. Jet Airways shares had earlier plunged to a 10-year after the firm had shut all domestic and international operations. Explaining the rise in the share price, technical analyst Milan Vaishnav said that the moves are purely speculative, and don't seem to be backed by fundamentals. "The price moves that are being seen in Jet Airways are purely speculative in nature. Such speculative moves were also witnessed in Kingfisher Air in the past where the retail investors along with HNI made speculative purchases on hopes of high returns," Milan Vaishnav told Financial Express Online, adding that no fundamental development is expected before May 10, the day on which bidding for the carrier would be opened.\u00a0 Notably, Retail Investors have increased their stake from 9% to nearly 12% over the quarter in Jet Airways. For any sane investors, such high risk appetite to chase potential gains can be risky, Vaishnav pointed out. "Purchases should be made only on back of some confirmed fundamental development even if one ends up owing the stock at higher price than now," he added.\u00a0 Last week, after lenders refused Jet Airways request for Rs 400 crore infusion, the Naresh Goyal-founded airline on Wednesday decided to shut down the operations temporarily. The last flight of the airline was operated at 10:30 pm from Amritsar.\u00a0\u201cSince no emergency funding from the lenders or any other source is forthcoming, the \u00a0airline will not be able to pay for fuel or other critical services to keep the operations \u00a0going. Consequently, with immediate effect, Jet Airways is compelled to cancel all its international and domestic flights. The last flight will operate today\u201d, Jet Airways said in an exchange filing. After the crisis, a lot of suitors are reportedly eyeing a stake buy in the carrier. Oil-to-telecom giant Reliance Industries is eyeing a stake, The Indian Express reported earlier citing two sources familiar with the development. Notably, whlile billionaire\u00a0Mukesh Ambani-backed Reliance Industries had not submitted an Expression of Interest (EoI) to the lenders for buying the beleaguered Jet Airways,\u00a0 the firm may join Etihad Airways, which has a 24% stake in Jet Airways, in its bid at a later date. UAE\u2019s national airline Etihad had earlier submitted an EoI to the lenders. Meanwhile, low cost carrier IndiGo has emerged as a major beneficiary from the Jet fiasco. Notably, Indigo has increased its market share to 47%, retaining the largest share of the pie. \u00a0\u201cTaking advantage from the grounding of Jet Airways & Boeing 737 Max, IndiGo further consolidated its leadership position in the domestic market (pax carried) as its market share expanded\u2026 to 47%,\u201d said the report. The grounding of Boeing 737 MAX airlines combined with the Jet Airways shut down has also helped SpiceJet, Go Air, Vistara and AirAsia with their market share now at 13.7%, 10%, 4% and 6% respectively, the report added.