Jet shares soar 122.21% to close at Rs 73.55 per share

Jet Airways stock rose sharply by 122.21% to close at Rs 73.55 per share on National Stock Exchange on Thursday. The stock had been declining for about 13 days.

The stock, on Thursday, opened at Rs 29.95 per share and hit an intra-day high of 82.75 per share before closing the day's trade at Rs 73.55 per share, a whopping gain of 122.21% over the previous close on NSE. On Wednesday, it had closed at Rs 33.10 per share.

The company's shares, which had been declining over the last few days, witnessed huge interest by investors after the National Company Law Tribunal (NCLT) commenced hearing in the bankruptcy case.

A consortium of 26 bankers led by the State Bank of India earlier this week took the airline to the National Company Law Tribunal (NCLT) to recover their dues of over Rs 8,500 crore.
Jet Airways, started over 25 years ago, stopped flying on April 17 after it ran out of cash and unpaid lessors took away most of its 100-odd operational airplanes.

In the last 13 trading days, shares of Jet Airways have tumbled 78 per cent.

The lenders to Jet Airways led by State Bank of India had moved NCLT earlier this week after failing to get any buyers for the ailing airline. The airline owes around Rs 8,500 crore to the banks. It also owes over Rs 3,000 crore to its 23,000 employees who have not been paid salaries since December 2018. The employee's unions on Wednesday pleaded for being made a party to the hearing in NCLT.

Jet Airways suspended flights on April 17 after it rand out of cash and the unpaid lessors took away many its operational airplanes.