Jet Airways tanks 10% as lenders move NCLT to initiate IBC proceedings
Shares of Jet Airways crashed 10 per cent in intra-day deals on Tuesday, after State Bank of India (SBI) – led lenders’ consortium moved National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the airline.
At 9:37 am, the share of debt-laden airline was trading at Rs 61.5 apiece, down 9.96 per cent. In comparison, the S&P BSE Sensex was trading 0.14 per cent higher. The stock has tanked 53 per cent thus far in June, as compared to 1 per cent decline in the S&P BSE Sensex.
The lenders, post a meeting held on Monday, decided to move the tribunal after none of the offers from the potential bidders could materialise. There were hopes that Mumbai-based Hinduja Group could team up with Abu Dhabi-based Etihad Airlines to collectively take up stake in the airline.
