Declining for the fourth consecutive session, shares of Jet Airways plummetted by as much as 22.5 percent in trade on Thursday to hit a 52-week low of Rs 118.90 apiece on NSE. The stock closed at Rs 153.35 on Tuesday. Stock markets remained closed on Wednesday on account of Maharashtra Day.

The fall comes a day after the Delhi High Court issued a notice to the cash-strapped airline on a plea seeking governmental intervention for refunds to affected passengers. The plea had sought to direct the Ministry of Civil Aviation and Directorate General of Civil Aviation (DGCA) to ensure that refunds or alternative travel options are provided to the passengers who have booked tickets with the carrier that has temporarily suspended its flight services.

The court sought a response from Jet Airways and also asked DGCA to file an affidavit on the issue. The matter would be heard on 16 July.

Since 17 April, the day that the airlines suspended its services, the stock has fallen over 36 percent in value. The debt ridden carrier has dues to be paid to lessors, suppliers, oil companies and its pilots.