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Shares of Jet Airways Ltd fell as much as 3.5 per cent to Rs 243, their lowest since March 25.
The company is operating only 28 planes out of its 119-strong fleet, after failing to pay lessors as it awaits bailout funds promised by state-run banks
Jet has not got any of the funds so far and has not paid its employees for March, a person with direct knowledge of the matter told Reuters on Wednesday.
Former chairman Naresh Goyal, who resigned from the company last month but still holds a 25.5 per cent share, said he was cooperating with lenders and had agreed to their terms in a timely manner.
The stock has fallen 9 per cent in the last five sessions. The company has a forward PE of -0.84, compared to a sector average of -115.40.
The stock lost 58.9 per cent of its value in the past year as of Wednesday's close, compared with InterGlobe Aviation Ltd's 0.2 per cent loss and SpiceJet Ltd's 27.9 per cent loss.
The share ended the day at Rs 259.95, up Rs 8.85 (+3.52%) on the BSE.
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