Jet Airways falls 5% on reports of SBI planning to move NCLT
NEW DELHI: Shares of Jet AirwaysNSE -1.66 % declined 5 per cent in early trade on Monday after reports emerged that SBI may approach NCLT to recover its loans from the debt-ridden airline.
A PTI report, quoting SBI officials, suggested that State Bank of IndiaNSE -1.35 % (SBI) is looking at approaching the National Company Law Tribunal (NCLT) to recover its loans from private carrier Jet Airways.
Earlier, shareholders of Jet approved a proposal at the extraordinary general meeting (EGM) on Thursday to convert a part of the company’s loans into shares.
