Jet Airways Shares Fall Over 3%, Extend Losses To Second Straight Day
Jet Airways shares fell more than 3 per cent on Tuesday, extending losses to a second consecutive session. Shares in the now grounded Jet Airways have been under pressure over the past few weeks. The cash-strapped airline - which suspended all its flight operations last month - owes money to lessors, suppliers, pilots and oil companies. Its group of lenders have taken a controlling stake in the airline, and are currently in the process of selling a stake to recover their dues.
On the National Stock Exchange (NSE), Jet Airways shares opened at Rs 129.70 apiece, and dipped to as much as Rs 129 apiece in intraday trade. That marked a decline of 3.3 per cent from their previous close of Rs 133.40 on the bourse.
The Jet Airways share price fell 3.12 per cent to Rs 129.05 apiece at the day's weakest point on the Bombay Stock Exchange, as against its previous close of Rs 133.20.
Struggling with a debt of more than $1.2 billion, the airline remains grounded and its revival depends upon fresh fund infusion by the investors.
Rival airlines have also been scooping up aircraft that were formerly operated by Jet from its lessors, and poaching hundreds of its pilots, cabin crew and other staffers.
At 10:34 am, Jet Airways shares traded 1.88 per cent lower at Rs 130.70 apiece on the BSE, underperforming the broader markets. Benchmark equity index Sensex was up 0.23 per cent at the time.
Till Monday's closing price, Jet Airways shares had declined 44.53 per cent since the grounding of the carrier on April 17.
(With agency inputs)
