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Jet Airways shares continue downward trend; tumble nearly 12%

File photo. Photograph:( Reuters )

PTI New Delhi, Delhi, India Jun 14, 2019, 05.03 PM (IST)

Shares of grounded Jet Airways continued the downward trend, plunging nearly 12 per cent on Friday, after stock exchanges, earlier this week, decided to impose restrictions on its stock trading from June 28.

The scrip tanked 10.77 per cent to close at Rs 82.05 on the BSE. Intra-day, the airline's stock tumbled 13.37 per cent to touch its multi-year low at Rs 79.65.
On the NSE, shares plummeted 11.80 per cent to close at Rs 81.05.

In terms of traded volume, 19.47 lakh shares were traded on the BSE, while over 1 crore shares were traded on the NSE.

The shares had cracked nearly 18 per cent on Thursday also. The scrip has been falling for 10 consecutive days, tumbling 45.60 per cent.

Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular.

The cash-starved airline suspended operations in April and lenders are working on ways for its revival.

In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on a gross basis with 100 per cent upfront margin and 5 per cent price band".

There are restrictions in trading of shares that are under Trade for Trade Segment.

The decision has been taken jointly by the exchanges and would be effective from June 28, it said.

According to the circular, the company has failed to provide prompt responses to queries of exchanges regarding various rumours. 

Story highlights

Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility.