Stocks

Unprecedented rally in Jet Airways shares; zoom over 122%

PTI New Delhi | Updated on June 21, 2019 Published on June 20, 2019

Shares of Jet Airways witnessed an unprecedented rally on the bourses on Thursday, bouncing back sharply after days of massive fall to close the day over 122 per cent higher.

After a highly volatile trading day, the scrip skyrocketed 93.35 per cent to close at Rs 64 on the Bombay Stock Exchange (BSE), helped by robust fag end buying. During the day, it zoomed 133.68 per cent to Rs 77.35.

Earlier in the day, shares of the company had touched its all-time low of Rs 27, down 18.42 per cent.

At the NSE, shares rose by 122.20 per cent to close at Rs 73.55. In intra-day trade, it touched a high of Rs 82.75 and an all-time low of Rs 26.55.

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With Thursday’s gain, the scrip halted the 13-days downtrend. In the last 13 trading days, shares of Jet Airways have tumbled 78 per cent.

A consortium of 26 bankers, led by the State Bank of India (SBI), earlier this week took the airline to the National Company Law Tribunal (NCLT) to recover their dues of over Rs 8,500 crore.

Jet Airways, started over 25 years ago, stopped flying on April 17 after it ran out of cash and unpaid lessors took away most of its 100-odd operational airplanes.

Published on June 20, 2019
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