Birla MF looks to parachute out of Jet Airways’ crashing stock
Birla Sun Life Mutual Fund (MF) — the only fund house holding Jet Airways shares in its actively managed schemes — off-loaded Rs 13 crore worth of shares in the troubled airline, in a bulk deal on Thursday.
According to data from the NSE, ‘Birla Mutual Fund Scheme’ sold 759,000 shares of the company at the price of Rs 173 each. The shares of Jet Airways corrected 31 per cent on Thursday.
The Jet Airways shares saw panic-selling on Thursday, following suspension of operations the previous night. On Wednesday evening, the airline disclosed to the exchanges: “Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going.
