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The stock of the beleaguered Jet Airways went into free-fall last week, tanking about 35 per cent, taking the loss over a year to almost 80 per cent. The latest meltdown was triggered by a fresh spate of negative news. First, reports said that the Hinduja Group and Etihad Airways had dropped their plans of investing in the airline that has been grounded since mid-April. Next, the stock exchanges imposed trading restrictions on the stock from June 28.
Citing the airline’s failure to respond to queries about market rumours and to file financial results for the year-ended March 31, 2019, the bourses have decided to move the Jet stock from the rolling to the trade-for-trade segment. Also, it did not help that two operational creditors have sought bankruptcy proceedings against the airline.
Jet’s fate hangs by a thread, and unless its long-awaited knight-in-shining armour arrives soon, it seems headed to insolvency court.
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