Grounded Jet Airways still flying on the bourses, up 44% in 9 days
It would seem beyond common investing logic, but the grounded Jet Airways is still flying on the bourses. Since October 18, Jet scrips on the BSE have gained over 44 per cent and closed on Friday at Rs 24.40 apiece.
The stock, which could be out of most investors’ portfolios by now, steadily gained nearly 45 per cent in just the past nine trading sessions, surprising analysts and investors alike.
This is primarily owing to the October 18 announcement that the company shall be the first to undergo insolvency proceedings under the Cross Border Insolvency Protocol included under the Insolvency and Bankruptcy Code (IBC), said Amit Gupta, Co-Founder and Chief Executive Officer (CEO), TradingBells.
