Jet Airways shares dive 18 pc

 

NEW DELHI, June 17: Shares of Jet Airways plunged 18 per cent Monday as stock exchanges last week decided to impose restrictions on its trading from June 28.

The scrip tanked 16.76 per cent to close at Rs 68.30 on the BSE. During the day, it plummeted 19.56 per cent to hit a multi-year low of Rs 66.

At the NSE, shares plunged 18 per cent to close at Rs 66.95.

On the traded volume front, 26 lakh shares were traded on the BSE and over two crore shares on the NSE during the day.

In 11 trading days since May 30, the scrip tumbled 54.72 per cent from Rs 150.85 on the BSE. The company’s market valuation has fallen by Rs 937.13 crore in these 11 trading days.

Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular issued last week.

The cash-starved airline suspended operations in April.

In a circular on Wednesday, the NSE said shares of the company would be shifted from “Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on gross basis with 100 per cent upfront margin and 5 per cent price band”.

There are restrictions in trading of shares that are under Trade for Trade Segment. (PTI)