Jet Airways shares tumble nearly 18% after bourses announce trading restrictions

New Delhi, June 13 : Shares of Jet Airways Thursday cracked nearly 18 per cent after stock exchanges decided to impose restrictions on its stock trading from June 28. The scrip plunged 16.71 per cent to close at Rs 91.95 on the BSE. During the day, it dropped 23.18 per cent to Rs 84.80 its multi-year low.On the NSE, shares tumbled 17.72 per cent to close at Rs 90.75. In terms of traded volume, 35.05 lakh shares were traded on the BSE and over three crore shares changed hands on the NSE during the day.
Led by the sharp fall in the scrip, it is market valuation fell by Rs 209.47 crore to Rs 1,044.53 crore on the BSE. Jet Airways shares have been falling for ninth consecutive days, tumbling 39 per cent on the BSE.
Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular. The cash-starved company suspended operations in April and lenders are working on ways for the revival of the airline.
In a circular, NSE said shares of the company would be shifted from “Rolling Segment to Trade for Trade Segment, wherein the settlement in the script will take place on a gross basis with 100 per cent upfront margin and 5 per cent price band”.
There are restrictions in trading of shares that are under Trade for Trade Segment. The decision has been taken jointly by the exchanges and would be effective from June 28, it said.
According to the circular, the company has failed to provide prompt responses to queries of exchanges regarding various rumours.