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Posted at: Apr 19, 2019, 7:04 AM; last updated: Apr 19, 2019, 9:39 AM (IST)

Jet shares sink, staff on edge, lenders hopeful of bidding

Jet shares sink, staff on edge, lenders hopeful of bidding
An employee of Jet Airways is consoled by her colleague during a rally to “save Jet Airways” in New Delhi. Mukesh Aggarwal

New Delhi, April 18

Shares of Jet Airways continued to fall for the second day in a row, plummeting over 32 per cent on Thursday, a day after the ailing airline shuttered operations temporarily, even as lenders said they were “reasonably hopeful” that the bidding process for the airline will end successfully.

The scrip tanked 32.23 per cent to close at Rs 163.90 on the BSE. Intra-day, it plunged 34.62 per cent to Rs 158.10 — a 52-week low. On the NSE, shares sank 31 per cent to close at Rs 165.75 apiece. 

Lenders led by the State Bank of India had declined to extend more funds to Jet, forcing it to suspend all its flights on Wednesday. 

A consortium of 26 lenders led by the SBI, with 51 per cent stake in the debt-trapped airline, has invited bids from potential suitors.

Jet had been, over the last few months, on a decline as competition from budget airlines hurt its profitability and led to a debt pile. At its peak, Jet operated 123 planes and over 600 daily flights.

Among the 22,000-odd employees of the now wingless Jet, hundreds assembled for a “silent appeal” in the national capital on Thursday for reviving the airline. — PTI

Jet suspended from clearing house: IATA

Mumbai: International airlines lobby IATA has suspended the membership of Jet Airways of its clearing house system, a move that is likely to impact the refund process. Passengers are advised to submit refund through IATA-accredited travel agent they bought their tickets from, IATA said. PTI

Govt to allocate 440 vacant airline slots

New Delhi: With Jet suspending operations, as many as 440 slots are vacant at Delhi and Mumbai airports which will be allocated to other airlines. There are 280 vacant slots at Mumbai and over 160 at the Delhi airport. The slots would be allocated for three months by a committee. PTI

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