Jet Airways shares continue downward trend; tank 15 per cent
New Delhi: Shares of Jet Airways further plunged nearly 15 per cent on Friday after stock exchanges decided to impose restrictions on its stock trading from June 28 earlier this week.
The scrip tumbled 13.37 per cent to Rs 79.65 -- its multi-year low -- on the BSE. On NSE, the shares tanked 14.96 per cent to a multi-year low of Rs 78.15. Shares of Jet Airways had on Thursday also cracked nearly 18 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 company suspended operations in April and lenders are working on ways for revival of the airline. 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 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.