Jet Airways nosedives over 18% on reports it may temporarily shut down ops

Jet Airways stock plunged as much as 18.56 per cent to Rs 213.20 in the afternoon trade on Tuesday after reports suggested the airline may shut down its operations temporarily. Reports also suggested that founder Naresh Goyal has withdrawn from the bidding process.

At 01:05 pm, shares of the company were trading at Rs 236.40 apiece on BSE, down 10 per cent.

Business Standard had earlier reported that Jet Airways was headed towards a total grounding and a decision could be taken as early as Tuesday after a meeting of its board of directors. Left with no cash, a seven-plane fleet and fuel to run operations only till Tuesday afternoon, the end is imminent, said sources close to the development. “Jet cannot be saved now. It’s on the ground,” another source in the know said.