Shares of grounded Jet Airways inexplicably soar by 50%

Mumbai: Shares of grounded carrier Jet Airways India Ltd have surged inexplicably more than 50% in the last eight sessions even as the airline has not been operating for more than six months.

The stock hit the 5% upper circuit for eight consecutive trading sessions, gaining 50.5% during the period. At 11.24 am, the stock traded at ₹22.60 on the BSE, up 5% from its previous close. So far this year the scrip has declined a massive 92%.

On 17 April, Jet Airways suspended operations following an acute cash crunch. A consortium of 26 banks led by the State Bank of India has approached the National Company Law Tribunal (NCLT) to recover dues of more than ₹8,500 crore. The airline has had negative net worth for long and has run up losses of more than ₹13,000 crore over the past few years.