Jet Airways Stock Price Update
India’s top bankruptcy court , The National Company Law Tribunal (NCLT) , accepted an insolvency petition against Jet Airways Limited filled by its creditors as they attempt to recover some of their dues . The Jet Airways insolvency process will allow lenders to sell the company as a whole or in parts, laying out a fixed timeline for a resolution around its future.
India’s one of the leading private air carrier , Jet Airways , stopped flying in April after running out of cash . The NCLT tribunal urged resolution professionals to try and finish the process in three months and submit fortnightly process reports as the matter was of national interest .
On Friday market opening , the stock open at Rs. 56.60 against its previous closed at Rs. 62.85. On Thursday trading, the stocks skyrocketed over 150% , that is , undoubtedly catches traders surprise . but on opening trade of Friday morning , Jet Stock hits 10% lower circuit as NCLT accepts insolvency plea. But currently due to short covering , the Jet Airways stock trading at Rs 68.35 per share .
After NCLT Insolvency admits, Jet stock down to Rs. 37.80 per share at Friday morning trade. But due to short covering , it upsurge to Rs. 81.70 high. Jet Airways Shares will be removed from the F&O segment from June 28, 2019.
Source : Reuters & ET Market
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