International Development News
Development News Edition
Give Feedback

Jet Airways shares plunge nearly 15 pct after reports of Hinduja, Etihad pull out


PTI New Delhi
Updated: 11-06-2019 14:11 IST
Jet Airways shares plunge nearly 15 pct after reports of Hinduja, Etihad pull out

Image Credit: Pixabay

Shares of Jet Airways Tuesday plummeted nearly 15 per cent amid reports that the Hinduja Group and Etihad Airways may not proceed with plans to resurrect the debt-ridden airline. The scrip tumbled 14.41 per cent to Rs 107.15 -- it's 52- week low -- on the BSE. At NSE, shares plunged 14.82 per cent to hit a one-year low of Rs 106.30.

According to a media report, Hinduja Group and Etihad Airways PJSC may not proceed with plans to resurrect Jet Airways.

Meanwhile, in a major setback to the lenders' revival/sale plan of the grounded Jet Airways, two operational creditors -- Shaman Wheels and Gaggar Enterprises-- Monday moved the NCLT seeking bankruptcy proceedings against the airline. The tribunal issued notices to Jet Airways and banks which own the airline now and posted the matter for further hearing on June 13 when it will decide on admitting or rejecting the bankruptcy pleas.

Jet Airways owes more than Rs 8,000 crore to an SBI-led consortium of banks which now run the airline.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

COUNTRY : India

POST A COMMENT