Shares of Jet Airways plummeted over 23 percent to 84.80 level compared to the previous close of 110.40 on BSE on Thursday, a day after the National Stock Exchange of India (NSE) said that shares of the airline would be pulled out of daily trading.
The scrip tumbled to a fresh 52-week low of 84.80 on BSE. Its market capitalisation fell to Rs 986.03 crore with 15.61 lakh shares changing hands on BSE.
Jet Airways share price has lost 77.48% during the last one year and fallen 68.22% since the beginning of this year, according to Business Today.
Shares of Jet, once the biggest private airline in India, have more than halved since the airline shut down its operations in April after its lenders refused to bail it out.
Stock exchanges will impose restrictions on trading in Jet Airways shares from 28 June.
Jet's securities will now be moved to the trade for trade segment as a "preventive surveillance measure", from the current rolling segment, which allows daily trading.
"There are concerns with regard to continuity of flow of information about the company which is very vital for the appropriate price discovery in the scrip," NSE said, adding that trading in the stock may not reflect the actual status of the company.
NSE also cited the company's failure to submit its financial results for the year ended 31 March as well as observations made by the airline's auditor as reasons for the move.
The carrier shuttered its operations on 17 April and the lenders, led by SBI, are still scouting for investors to revive the airline.
Two operational creditors of Jet Airways" Shaman Wheels and Gaggar Enterprises " have moved the NCLT seeking bankruptcy proceedings against the airline. The tribunal issued notices to Jet Airways and banks which own the airline and posted the matter for further hearing on 13 Thursday when it will decide on admitting or rejecting the bankruptcy pleas.
Jet Airways owes more than Rs 8,000 crore to a consortium of banks led by the State Bank of India, which now run the airline, while it has a much larger debt pile by way of accumulated losses to the tune of Rs 13,000 crore and vendor dues of over Rs 10,000 crore and salary dues of over Rs 3,000 crore.
With PTI inputs