Jet Airways shares plunge nearly 11% amid reports of Hinduja Group, Etihad Airways pulling out of recuse efforts

New Delhi: Shares of Jet Airways Tuesday plummeted nearly 11 percent amid reports that Hinduja Group and Etihad Airways may not proceed with plans to resurrect the debt-ridden airline.

The company’s scrip tumbled 10.58 percent to close at Rs 111.95 on the BSE. During the day, it plunged 14.41 percent to Rs 107.15 – its 52-week low.

On NSE, the stock dropped 10.25 percent to close at Rs 112.

On the traded volume front, 18.10 lakh shares were traded on the BSE and over one crore shares changed hands on the NSE during the day.

The company’s market valuation declined by Rs 150.28 crore to Rs 1,271.72 crore on the BSE.

According to a media report, Hinduja Group and Etihad Airways PJSC may not proceed with plans to resurrect Jet Airways.

Meanwhile, in a major setback to the lenders’ revival/sale plan of the grounded Jet Airways, two operational creditors – Shaman Wheels and Gaggar Enterprises – Monday moved the National Company Law Tribunal (NCLT) seeking bankruptcy proceedings against the airline.

The tribunal issued notices to Jet Airways and banks which own the airline now and posted the matter for further hearing on June 13 when it will decide on admitting or rejecting the bankruptcy pleas.

Jet Airways owes more than Rs 8,000 crore to an SBI-led consortium of banks which now run the airline