Jet Airways to be placed under T2T; stock down 17 per cent
Jet Airways shares fell by around 17 per cent on Thursday after NSE announced to pull shares of the company out of Futures and Options trading from June 28 because the company has failed to respond to queries and rumours in the market.
The stock of Jet Airways has been under pressure since the company’s liquidity crisis made it a defaulter. With continuous talks about reviving the airline company, its stock is generating a lot of interest. As a result, under preventive surveillance measure to curb excessive volatility, NSE issued a circular that the shares of the company will be shifted from Rolling Segment to Trade for Trade Segment (T2T) wherein the settlement in the scrip will take place on gross basis with 100 per cent upfront margin and 5 per cent price band.
Efforts to revive JetAirways have build up pace where stakeholders have wished to keep the fleet size under 20 for operational reasons. The company has been requested to prepare statements on pending vendors payments to provide clarity to investors.
On Thursday, the stock of Jet Airways closed at Rs. 91.95 per share, down by 16.17 per cent compared to its previous closing price on BSE.