Jet Airways shares sank 34 percent on Thursday in a sign investors were sceptical about a revival, even as lenders to the carrier said they are “reasonably hopeful” the bidding process for the grounded Indian airline will end successfully.
Jet Airways, once India’s largest private airline, on Wednesday evening halted all flight operations indefinitely after lenders led by State Bank of India declined to extend more funds to keep it going. Jet shares plunged to the lowest since April 2009 in early trade on Thursday.
The carrier, saddled with roughly $1.2 billion of bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217 million from its lenders, as part of a rescue deal agreed in late March.
