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Jet Airways shares surge 13 %; halts 3-day slide

BusinessToday.In     April 23, 2019

Shares of Jet Airways (India) Ltd halted its decline after three-straight sessions and surged almost 13 per cent on Tuesday.

Jet Airways' shares opened today with gain of 2.72 per cent and surged  up 11.58 per cent, on the BSE to Rs 172.50

At the NSE, shares surged 13 per cent to Rs 174.95.

In the past three days , the stock had plummeted 40.94 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. Cash-starved Jet Airways , which has around 23,000 employees, has delayed payment of salaries to the employees, including pilots.

Jet Airways' potential investors namely, Etihad Airways, TPG Capital and Indigo Partners are  having second thoughts on whether to bid for it, as questions about the bidding procedure remain unanswered, as per latest reports by Economic Times.

At 12:40 pm, a total sum of 27.2 lakh shares and 262.5 lakh shares are being traded on BSE and NSE, respectively.

The stock has fallen over 40 per cent in a year, 35 per cent in 3 months and over 30 per cent in a week's period.

The share is currently trading at Rs 168, up 14 points or 9 per cent on BSE and at Rs 169, up 9.76 per cent on NSe, at 1:05 pm.

(With PTI inputs)

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