Shares of Jet Airways on Thursday nosedived 34.62% in intra-day trade after the cash-strapped airline announced that it will suspend all its operations temporarily.

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The stock touched an intra-day low of Rs 158.10 on BSE before recovering slightly and closing at Rs 163.90 per scrip, 32.23% lower than the previous close. The stock was listed on the exchanges on March 11, 2005, with an issue price of Rs 1,100 a share. The decision was taken after State Bank of India led consortium declined to pump in Rs 400 crore in interim funds to Jet Airways, forcing it to ground operations.

Shares of State Bank of India also fell 1.55% to Rs 310.90 a scrip. Meanwhile, rivals InterGlobe Aviation, too, closed 1.8% lower to Rs 1,554.70 than its previous close, though it rose 4.22% to Rs 1,650 intra-day. On the other hand, SpiceJet closed 2.68% higher at Rs 136.25 per share on Thursday. Intra-[day, the stock rallied 15% to a record high of Rs 152.60.

Ajay Bodke, CEO, PMS Prahudas Lilladher said, "It is indeed a tragic day for the Indian aviation sector."

According to him, Jet's failure follows a raft of other failures in the sector like Kingfisher, Deccan, Sahara etc. "The national carrier Air India is a basket case kept alive by the government by infusing thousands of crores of taxpayers' revenues. It is a wake-up call for the aviation authorities to seriously ponder as to why India is emerging as a treacherous graveyard for Indian carriers."