Jet Airways shares nosedive 41% in a day as grounded airline lands in bankruptcy court

MUMBAI: Shares of Jet Airways (India) Ltd crashed nearly 53% during the day before closing 41% lower at ₹40.45 apiece on Tuesday a day after lenders decided to initiate bankruptcy proceedings against the debt-laden airline. This is Jet Airways’ steepest-ever single-day fall as the consortium of lenders led by the State Bank of India (SBI) chose to refer the carrier to the National Company Law Tribunal (NCLT).

In the year so far, the stock has plunged more than 85%, including more than 72% in June alone. Shares of rivals meanwhile gained investor confidence as Jet Airways struggled to find a buyer, finally leading to its suspension of flights on 17 April.

SpiceJet Ltd rose 53.5% while InterGlobe Aviation Ltd, which runs IndiGo, jumped nearly 43% so far in 2019.