Shares of Jet Airways plummeted over 30 per cent in early trade Thursday, a day after the ailing airline shuttered its operations temporarily.
On the BSE, the scrip hit an intra-day low of Rs 168.60, a fall of 30.28 per cent compared to the previous closing level. The stock is hovering around its 52-week low level of Rs 163 on BSE.
A similar trend was witnessed on the NSE too, where the share crashed to hit a low of Rs 158.70, down 34.01 per cent over its last close, which is also its 52-week low level.
With lenders deciding not to extend any emergency funds, Jet Airways on Wednesday announced temporary suspension of operations.
Meanwhile, in a statement early Thursday, Jet Airways’ lenders said they were reasonably hopeful of a successful bidding process for stake sale.
The announcement came early morning ahead of market opening.
Market analysts said the decline in the stock was largely a knee-jerk reaction of the temporary suspension of operations for the struggling airline.
Jet Airways, once India’s largest private airline, decided to temporarily suspend operations as a consortium of lenders refused to consider extending emergency funding of Rs 983 crore to keep the airline flying.