Jet Airways hits upper circuit for 12th straight day, zooms 108% in 20 days

The committee of creditors of Jet Airways, on October 17, 2020, approved the resolution plan of consortium of Kalrock Capital-Murari Lal Jalan

Shares of Jet Airways (India) hit a 52-week high of Rs 51.15 after hitting the 5 per cent upper circuit on the BSE on Friday. The stock has gained 27 per cent in one week after the company's committee of creditors (CoC) approved the resolution plan of consortium of Kalrock Capital–Murari Lal Jalan.

The stock has surpassed its previous 52-week high of Rs 50.25, touched on January 15, 2020. It has hit the upper circuit for the 12th straight trading day at the bourses. In the past 20 trading days, the stock has rallied 108 per cent from the level of Rs 24.60, on September 24, 2020. In comparison, the S&P BSE Sensex was up 8 per cent during the same period.

Till 10:22 am, a combined 31,978 equity shares had changed hands, and there were pending buy orders for 1.53 million shares on the NSE and BSE, exchange data shows.

The resolution plan of consortium of Kalrock Capital–Murari Lal Jalan has been approved by the committee of creditors as e-voting of the lenders concluded on Saturday. “The e-voting concluded today, i.e October 17,2020 and the resolution plan submitted by Murari Lal Jalan and Florian Fritsch has been duly approved by the CoC under section 30 (4) of the code as the successful resolution plan”, the resolution professional said in an exchange notification. CLICK HERE FOR RELEASE

Despite sharp run-up from its record low price of Rs 13 on March 27, 2020, Jet Airways has underperformed the market by falling 89 per cent in the past three years, against 25 per cent rise in the S&P BSE Sensex. It hit an all-time high of Rs 1,379 on April 26, 2005.

Currently, Jet Airways is trading under ‘Z’ category on the BSE, under which all trades are settled on trade-to-trade (T2T) basis. Stocks classified under the T2T category cannot be traded on an intraday basis and traders or investors purchasing or selling these shares need to take delivery by paying full amount. Stocks clubbed in the ‘Z’ category are those which fail to comply with the exchange’s listing requirements or may have failed to redress investor complaints.