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Jet Airways Stock Doubles In Strong Rebound From Record Lows

Jet Airways stopped flying on April 17 after it ran out of cash and the unpaid lessors took away most of its operational airplanes

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Jet Airways Stock Doubles In Strong Rebound From Record Lows

On Monday, the consortium of 26 banks decided to take Jet Airways to the NCLT


Breaking their 13-day losing streak, shares of the grounded-carrier Jet Airways surged more than triple in the intraday trade from a record low on Thursday. On the NSE, Jet Airways share price rose to Rs 82.75 from the record low of Rs 26.55 registered during the session. The scrip settled 122 per cent up at Rs 73.55 from its previous close of Rs 33.10 on the NSE. Analysts said the massive bounce-back in price probably came on the back of short-covering by traders and advised investors to stay away from the stock.

Shares of the once India's largest carrier ended up 93.35 per cent or Rs 30.90 at Rs 64 on the BSE. In intraday trade, the stock touched a high of Rs 77.35.

"A bounce-back was due but since the on ground condition of the airline is dull, the surge in the stock price is unlikely to stay for long," news agency Indo-Asian News Service (IANS) quoted Deepak Jasani of HDFC Securities, as saying. 

The company also announced the resignation of two independent directors - Ashok Chawla and Sharad Sharma - on Tuesday. 

On Monday, the consortium of 26 banks, to which Jet Airways owes over Rs. 8,500 crore, decided to take the grounded carrier to the National Company Law Tribunal (NCLT) to recover their dues.

The State Bank of India (SBI)-led consortium of lenders to Jet Airways said on Monday that it had decided to "seek resolution under the Insolvency and Bankruptcy Code (IBC) as only a conditional bid was received and requirement of the investor for Sebi exemptions and resolution of all creditors is possible under IBC".

Jet Airways stopped flying on April 17 after it ran out of cash and the unpaid lessors took away most of its operational airplanes. 

(With IANS inputs)



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