Jet Airways shares tank 18%, lenders to initiate bankruptcy proceedings

The debt-ridden airline had suspended its entire operations on April 17.

Jet Airways shares tank 18%, lenders to initiate bankruptcy proceedings

New Delhi: Shares of Jet Airways plunged 18 percent on Monday amidst news that stock exchanges have decided to impose restrictions on its trading from June 28.

Meanwhile, lenders, led by State Bank of India (SBI), have also decided to initiate bankruptcy proceedings against the cash strapped airline after all attempts to rope in a buyer failed.

Shares of Jet Airways tanked 16.76 percent 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.

The company's shares have tumbled 54.72 per cent from Rs 150.85 on the BSE since May 30 while its market valuation has fallen by Rs 937.13 crore since the mentioned time.

The debt-ridden airline had suspended its entire operations on April 17. Subsequently, the government re-allocated its slots and foreign traffic rights to rival carriers.