The shares of Jet Airways were locked in the 5 per cent upper circuit on Monday after India’s aviation regulator, the Directorate General of Civil Aviation (DGCA) granted the airline the air operator certificate (AOC) — under its new owners, the Jalan-Kalrock consortium, thereby allowing it to resume commercial flight operations.
Jet Airways opened at ₹118.95, up ₹5.65 or 4.99 per cent against the previous close of ₹113.30 and was locked in the 5 per cent upper circuit post opening. On the NSE, it was trading at ₹119.20, up ₹5.65 or 4.98 per cent after open. The airline can now restart commercial flight operations after remaining grounded for more than three years.
With this, Jet Airways will be the first Indian carrier to revive operations under the country’s insolvency and bankruptcy law. The airline is expected to resume operations in the July-September period. Aircraft and fleet plan, network and other details will be available in phases over the coming weeks. “The company has started posting job opportunities and its ex-employees will get a preference in hiring,” according to Sanjiv Kapoor, CEO, Jet Airways.