In Monday's trade, shares of Jet Airways tumbled on reports of cut in staff and operations too by the Indian carrier. For some time now, the air carrier has been faltering on its salary payments.

Further reports of a rumour that Tata Group is considering a major buy-out in the cash strapped company has weighed on the share price of the company in today's trade with no decision to this effect taken place at the board level.

As per the reports, the company has grounded as many as 8 aircrafts at Mumbai and Chennai airports and also at the same time has asked as many as 15 personnels to leave their duties with the company at managerial level from various of the departments.

On the BSE, Jet Airways shares after declining to a low of Rs. 216.35 per piece has recovered marginally and was last seen trading at Rs. 219.60, down 4.23% against previous day's close of Rs. 229.3 per share.

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