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Jet Airways share falls 4.91% after airline fails to attract new bidders

BusinessToday.In     September 3, 2019

Jet Airways share price fell in early trade today after the airline failed to attract new bidders during the extended deadline for submission of final bids. Jet Airways stock opened 4.91% lower at Rs 37.75 compared to the previous close of 39.70 on BSE. Jet Airways share price has been losing for the last two days and has fallen 9.58% during the period.

The airline stock has lost 86.76% in one year and fallen 86.4% since the beginning of this year. The third deadline for submitting expression of interests (EOIs) in the bankrupt airline ended on August 31.

With no new bidders emerging during this period, there are only three entities that had put in their initial bids earlier.

Russian Fund Treasury RA Partners, Panama-based investment firm Avantulo Group and South American conglomerate Synergy Group Corp had submitted the EoIs.

"No new EoIs have been received," a source close to the development said. "Now, the deadline is unlikely to be extended further. The plan will be to go ahead with the three entities that had submitted their EoIs," another source said.

On August 26, Jet Airways' Committee of Creditors (CoC) extended the deadline for submission of EoIs. It was the third time that lenders extended the deadline after the ones on August 3 and 10.

Meanwhile, Sensex and Nifty were trading lower in early trade. While Sensex lost 419 points to 36,913, Nifty fell 126 points to 10,896.

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