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Jet Airways Shares Plunge Nearly 15% Amid Reports of Hinduja Group, Etihad Pulling Out of Rescue Efforts

News18 creative by Mir Suhail

News18 creative by Mir Suhail

Jet Airways owes more than Rs 8,000 crore to an SBI-led consortium of banks which now run the airline.

New Delhi: Shares of Jet Airways plummeted nearly 15 per cent on Tuesday amid reports that the Hinduja Group and Etihad Airways may not proceed with plans to resurrect the debt-ridden airline.

The scrip tumbled 14.41 per cent to Rs 107.15- its 52-week low- on the BSE. At NSE, shares plunged 14.82 per cent to hit one-year low of Rs 106.30.

According to a media report, Hinduja Group and Etihad Airways PJSC may not proceed with plans to resurrect Jet Airways.

Meanwhile, in a major setback to the lenders' revival/sale plan of the grounded Jet Airways, two operational creditors — Shaman Wheels and Gaggar Enterprises — Monday moved the National Company Law Tribunal (NCLT) seeking bankruptcy proceedings against the airline.

The tribunal issued notices to Jet Airways and banks which own the airline now and posted the matter for further hearing on June 13 when it will decide on admitting or rejecting the bankruptcy pleas.

Jet Airways owes more than Rs 8,000 crore to an SBI-led consortium of banks which now run the airline.

first published:June 11, 2019, 14:50 IST