Jet Airways shares more than halved since closure of operations in 2019

NEW DELHI: Shares of , whose likely revival is in sight with NCLT approving a resolution plan, have lost more than half of their value since the airline shuttered operations more than two years ago.

The once-storied carrier suspended services on April 17, 2019, due to financial distress.

A day before suspension of its services, the stock of Jet Airways had closed at Rs 241.85 (April 16, 2019) on the BSE.

Since then, the stock price has more than halved, falling 58.87 per cent and is now trading at Rs 99.45 apiece.

The company’s market valuation has also eroded by Rs 1,617.27 crore in two years and now stands at Rs 1,129.73 crore at the close of trade on Tuesday.

The National Company Law Tribunal (NCLT) on Tuesday approved the Jalan Kalrock Consortium’s resolution plan for the bankrupt Jet Airways.

Shares of Jet Airways on Tuesday jumped 5 per cent on the bourses.

The carrier, which was admitted to the NCLT in June 2019, owes more than Rs 8,000 crore to banks, with public sector lenders having significant exposure.

It started off as an air taxi operator in 1993 and became a scheduled carrier in 1995.