Further tailspin for Jet Airways, shares tank over 23 per centhttps://indianexpress.com/article/business/market/further-tailspin-for-jet-airways-shares-tank-over-23-per-cent-5688501/

Further tailspin for Jet Airways, shares tank over 23 per cent

Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for its survival.

Further tailspin for Jet Airways, shares tank over 23 per cent
Jet Airways aircraft are seen parked on the tarmac at Chattrapati Shivaji International Airport in Mumbai. (Express Photo: Pradip Das)

Shares of Jet Airways, which has shut down operations temporarily, continued to fall for the third day in a row Monday, tumbling over 23 per cent. The scrip dived 19.34 per cent to Rs 132.20 — its 52-week low — on the BSE.

At the NSE, shares plunged 23.17 per cent to hit a one year low of Rs 126.65.

On the traded volume front, 43.47 lakh shares of the company were traded on the BSE and over four crore shares on the NSE till afternoon.

In three days, the scrip has plummeted over 49 per cent.

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Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for its survival.

Cash-starved Jet Airways, which has around 23,000 employees, has delayed payment of salaries to the employees, including pilots.