Jet Airways stock crashes 17% on trading curb

Jet Airways stock price tanked on Thursday after stock exchanges removed the scrip from daily trading category. 

Shares of Jet Airways tanked 23.18% intraday to Rs 84.80 apiece to hit a fresh lifetime low, before closing at Rs 91.95 per piece on BSE, a fall of 16.71% over its previous close. 

The fall came after the stock exchanges, BSE and National Stock Exchange, in a statement, said the stock will be shifted from “rolling segment” to “trade for trade segment” with effect from June 28 till further notice, wherein the settlement in the security will take place on a gross basis with 100% upfront margin and 5% price band.

Trading of the stock in the futures and options (F&O) segments of the exchanges will also be removed. The exchanges said that clarifications were sought from the company with respect to rumours floating in the market, for which Jet failed to provide prompt responses. Also, the responses received were not clear and satisfactory, according to the statement. 

The cash-strapped airline also said it is not in a position to consider and approve the audited financial result of the company for the year ended March 31, 2019.