Jet Airways shares extend losses, crash 29 per cent after airline lands in insolvency court

By: |
Published: June 19, 2019 1:38:55 PM

Shares of Jet Airways extended losses and fell over 29 per cent on Wednesday after the SBI-led consortium of bankers took the grounded airline to the National Company Law Tribunal for insolvency and bankruptcy code proceedings against the debt-laden airline. 

Jet airways bankruptcy process in nclt will start from wednesdayJet Airways shares extend losses, crashes 28 per cent after SBI-led consortium of lenders initiated insolvency proceedings against the airline.

Shares of Jet Airways extended losses and fell over 29 per cent on Wednesday after the SBI-led consortium of bankers took the grounded airline to the National Company Law Tribunal for insolvency and bankruptcy code proceedings against the debt-laden airline. The shares of Jet Airways continue to face heavy selling pressure and crashed 28.18 per cent to an all-time low of Rs 29.05 on the BSE. On the NSE, shares of the airline fell 29.38 per cent to an all-time low of Rs 28.60. Today, the shares of Jet Airways had opened lower at Rs 36.45 per share against the previous close of Rs 40.45 per share on BSE. 

   This is the 13th consecutive trading session when the shares of Jet Airways saw a huge fall. It has fallen 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 for the speedy recovery of their dues of over Rs 8,500 crore. The tribunal will hear the matter on Wednesday.

Also read: Share market LIVE: Sensex, Nifty trade higher tracking positive global cues; Jet Airways crashes

   The Naresh Goyal-founded airline Jet Airways started its business over 25 years ago. It stopped its flying operations on April 17, after it became cash-strapped and its unpaid lessors took away most of its 100-odd operational airplanes.

Also read: No access to banks? Facebook plans Libra coin for users to pay using its financial services

    The stock exchanges BSE and NSE had recently announced about restricted trading in  Jet Airways’ shares from June 28, in a bid to prevent excessive volatility. The airline’s stock has been excluded from the Futures and Options segment and no contracts shall be available for trading in the above-mentioned security with effect from June 28, 2019, both the exchanges had said in a statement.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.