Shares of Jet Airways (India) Ltd surged 133% on Thursday, their sharpest intra-day gain ever, before finally closing 93.35% up at ₹64 a share. The abnormal price movement, on a day Jet was admitted for bankruptcy proceedings, prompted stock exchanges to seek clarification from the grounded airline.
While a response from Jet is awaited, analysts attributed the surge to short covering by investors in the derivatives segment.
“The stock has gained due to huge short covering today,” said Chandan Taparia, derivative and technical analyst at Motilal Oswal Securities Ltd.
