Jet Airways shares plunged heavily by as much as 23% in intra-day trade on Thursday after the Indian bourses took decision to impose trading restrictions on the airline stock. The stock hit a 52-week low of Rs. 84.60 on the NSE. On the BSE, the stock made an intra-day low of Rs. 84.80. In Wednesday's session, the stock of beleaguered airline ended at Rs. 110.3 on the NSE.
As per the circular issued by NSE, the decision has been taken to prevent excessive volatility in the stock and is part of the preventive surveillance measures.
The exchanges jointly took the decision in this regard and the restriction will come into effect from June 28.
Further as per the notification of the exchange, the shares of the company will be moved from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on gross basis with 100 percent upfront margin and 5 percent price band".
Notably, the debt-ridden airline company suspended all its international and domestic operations temporarily in April.
The stock was last quoting at Rs. 87.50, down Rs. 22.90 or 20.74% on the BSE.