Grounded Jet Airways shares plummet over 24% in one month; market valuation erodes by Rs 451.26 cr to Rs 1,409 cr

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New Delhi: Shares of Jet Airways have fallen over 24 % in a single month for the reason that cash-starved airline suspended operations.

Jet Airways stopped flying on 17 April after it ran out of money.

In a single month, shares of the corporate tumbled 24.28 % to Rs 124.10 on the BSE Friday from Rs 163.90 on 18 April.

Markets had been closed on 17 April for Mahavir Jayanti.

The scrip of the agency hit its one-year low of Rs 120.25 on 15 Might. Its market valuation has eroded by Rs 451.26 crore to Rs 1,409.74 crore on BSE in the course of the one month’s time.

Jet Airways witnessed top-level exodus earlier this week, with 4 senior executives, together with chief govt Vinay Dube and his deputy Amit Agarwal, quitting the crisis-hit airline.

 Grounded Jet Airways shares plummet over 24% in one month; market valuation erodes by Rs 451.26 cr to Rs 1,409 cr

Representational picture. Reuters.

The provider on Tuesday introduced the exit of Dube, Agarwal, Firm Secretary Kuldeep Sharma and Chief Individuals Officer Rahul Taneja.

Final month, Impartial Director Rajshree Pathy, Non-Govt and Non-Impartial Director Nasim Zaidi in addition to Complete Time Director Guarang Shetty had stop.

In late March, Jet Airways founder Naresh Goyal alongside together with his spouse Anita Goyal in addition to Etihad Airways’ nominee director Kevin Knight stepped down from their respective positions following a debt-recast plan.

Naresh Goyal additionally stepped down from the put up of chairman.

Lenders are scrambling to discover a suitor for the cash-starved provider. On behalf of the lenders, SBI Caps had sought bids on the market of as much as 75 per cent stake in Jet Airways.

After the primary spherical of bids, personal fairness corporations IndiGo Companions and TPG, Etihad Airways and Nationwide Funding and Infrastructure Fund (NIIF) had been shortlisted.

Abu Dhabi-based Etihad Airways submitted its bid to amass a minority stake in Jet Airways with quite a lot of riders that concerned discovering extra buyers, leaving little hope for the airline’s survival.

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