Jet Airways shares tumbled for the second-straight day to hit a 52-week low of Rs. 78.15 on the NSE. The stock has been dragged lower by as much as 15% in intra-day trade on Friday even as the NCLT adjourned the plea for insolvency against the beleaguered airlines.
Though, it has been revealed by sources that Jet Airways along with Hinduja Group and Ethihad Airways are working out ways of reviving the debt-laden airline together with the creditors. Nonetheless, since the two operational creditors of the carrier filed petition for insolvency against the company at NCLT Mumbai bench, apprehensions have surfaced regarding the ongoing talks.
The tribunal has adjourned the plea to June 20 as the carrier has demanded more time to respond.
Further, as per a CNBC TV18 report, a war room is set up for providing the relevant information that has been sought concerning the requirements for restarting the operations of Jet Airways, which were temporarily suspended on April 17.
Even as a revival plan for the airline is on the works, it still remains to be clarified that whether or not the government has approved the demands of the 2 interested parties i.e. Hinduja Group and Ethihad Airways. The 2 entities have sought a deep haircut on the airline's debt of over Rs. 8000 crore.
At 10:52 am, the stock was quoting at Rs. 81.70, down Rs. 10.20 or 11.10% on the NSE.