Jet shares sink over 32%, hit 52-week low
Shares of Jet Airways continued to fall for the second day in a row, plummeting over 32 per cent on Thursday, a day after the ailing airline shuttered its operations temporarily.
New Delhi: Shares of Jet Airways continued to fall for the second day in a row, plummeting over 32 per cent on Thursday, a day after the ailing airline shuttered its operations temporarily.
The scrip tanked 32.23 per cent to close at Rs 163.90 on the BSE. Intra-day, it plunged 34.62 per cent to Rs 158.10 - 52-week low. On the National Stock Exchange (NSE), shares sank 31 per cent to close at Rs 165.75 apiece.
On the traded volume front, 60.41 lakh shares of the company were traded on the BSE and over 5 crore shares on the NSE during the day. The scrip had fallen 7.62 per cent on Tuesday also.
In two days, the company's market valuation has eroded by Rs 1,111.14 crore to Rs 1,861.86 crore on the BSE. Stock markets were closed Wednesday on account of Mahavir Jayanti.
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.
Jet had been on a decline in the past few months as competition from budget airlines hurt its profitability and led to a debt pile. It reported losses for four straight quarters despite sales holding up.