Jet Airways tanks 53% as lenders move NCLT to initiate IBC proceedings

The airline, with a debt of more than Rs 8,000 crore, had temporarily suspended its operations from the midnight of April 17 after facing severe cash-crunch

Shares of Jet Airways crashed up to 53 per cent in intra-day deals on Tuesday, after State Bank of India (SBI) - led lenders’ consortium moved National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the airline.
 

At 1:32 pm, the share of debt-laden airline was trading at Rs 37.5 apiece, down 45.39 per cent, having recovered from lows of Rs 32.25. In comparison, the S&P BSE Sensex was trading 0.05 per cent higher. The stock has tanked 53 per cent thus far in June, as compared to 1 per cent decline in the S&P BSE Sensex.
 

The lenders,