Jet Airways shares tumble amid continued uncertainty over bidders

Shares of Jet Airways (India) Limited plummeted over 8 per cent Monday amid continued uncertainty over bidders. The scrip tumbled 8.14 per cent to close at Rs 139.45 on the BSE. During the day, it plunged 11 per cent to Rs 135.05. On the NSE, shares tanked 8.40 per cent to close at Rs 139. On the traded volume front, 17.31 lakh shares were traded on the BSE and over one crore shares changed hands on the NSE during the day.

Media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier. Jet Airways stopped operations on April 17 due to acute financial distress.

The State Bank of India-led consortium of lenders to Jet Airways Friday said it has received bids from Etihad Airways and from a few unsolicited parties to acquire stake in the grounded airline. In a filing to the stock exchanges, Jet Airways Monday said it has received notice from the Provident Fund Office in respect of non-payment of provident fund dues for March 2019.

The company officials are engaged with the authority to address the matter, it added. "... we are informed that communication has been received by Jet Privilege Private Limited and they are appropriately responding to the same," the airline said with regard to reports that the Enforcement Directorate is probing Etihad Airways investment in Jet Privilege. Jet Privilege is the airline's loyalty programme.

(With inputs from agencies.)