Jet Airways shares continue to face massive selling pressure; tumble over 18 pc

PTI

Business, Companies

At NSE, shares plunged 17.94 per cent to a multi-year low of Rs 67.

The cash-starved airline suspended operations in April.

New Delhi: Shares of Jet Airways continued the downward trend, plunging over 18 per cent on Monday as stock exchanges, last week, decided to impose restrictions on its stock trading from June 28.

The scrip which has been tumbling for the 11th consecutive day further plummeted 18.28 per cent to hit a multi-year low of 67.05 on the BSE. At NSE, shares plunged 17.94 per cent to a multi-year low of Rs 67.

In 11 trading days, the scrip has tumbled over 55 per cent from Rs 150.85 on May 30. Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular issued last week.

The cash-starved airline suspended operations in April. In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on gross basis with 100 per cent upfront margin and 5 per cent price band".

There are restrictions in trading of shares that are under Trade for Trade Segment.

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