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Jet Airways Gains 210% After Hitting All-Time Low On Thursday

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Jet Airways in Friday's trade opened lower by 10% and cracked further to Rs. 37.80 but later due to heavy volumes in the stock more than doubled to Rs. 81.70 on the NSE.

 Jet Airways Gains 210% After Hitting All-Time Low On Thursday
 

And after today's gain, the stock has climbed sharply from its all time low of Rs. 26.55 by as much as 210%. On the BSE, the private airline's stock rallied 96% to Rs 76.80 from its intra-day low of Rs 39.10.

The gains have come after the lenders of the debt-laden airline have moved the NCLT for insolvency proceedings. The tribunal has sought the report in next 3 months time as against a period of 6 months. Resolution professionals from July 5 will also have to submit the report on a fortnightly basis.

The tribunal also declared a moratorium on recovery of dues from Jet, the country's first aviation firm to be admitted for bankruptcy.

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