Jet Airways gets "grounded"

Jet Airways is almost grounded as the topmost loser on the BSE since the opening bell. The stock hit a new low today at Rs.84.80 and is currently down over 21% at Rs.86.90.

The stock is down on both NSE as well as BSE at new lows after both the bourses put trading restrictions, effective 28th June.

The exchangs have decided to switch deals on the stock to ‘trade-to-trade’ segment, which means delivery of shares becomes mandatory from 28th June. Trading of the stock in the futures and options (F&O) segment of the exchanges will be also removed.

This is worrisome, especially on the back of news of the Hinduja Group and Etihad Airways decision to not proceed with plans to resurrect the airline, which dealt a severe blow to rescue efforts.

On the other hand, London-based AdiGroup, AdiGro Aviation said that it continues to be interested in investing in Jet Airways. The Chairman said in an interview with Moneycontrol that they were waiting to hear from Etihad Airways and if Etihad decides to stay away, it will explore ways to go it alone.