Jet Airways shares crash 30%, hits a 52-week low after airline suspends operationshttps://indianexpress.com/article/business/jet-airways-shares-crash-30-per-cent-5681824/

Jet Airways shares crash 30%, hits a 52-week low after airline suspends operations

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
Jet Airways aircraft are seen parked on the tarmac at Chattrapati Shivaji International Airport in Mumbai.
(Express Photo by Pradip Das)

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.

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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.