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Jet Airways shares Crash 23% after NSE, BSE Impose Trading Restrictions

From the 52-week high Rs 401 hit on 13 June 2018, the Jet Airways stock has fallen by 77%, given the last closing price.

Jet Airways shares Crash 23% after NSE, BSE Impose Trading Restrictions
Photo of Jet Airways.

Shares of Jet Airways crashed up to 23% in intraday trading on Thursday after the National Stock Exchange of India (NSE) announced on Wednesday that the scrip will be removed from daily trading in futures and options (F&O) from 28 June.

"In accordance with the provisions of the market regulator, the Securities Exchange Board of India (Sebi), the airline's inventory is excluded from the futures and options segment and no contracts are available for trading the above securities from 28 June 2019 ., "Read a statement from both NSE and BSE. According to a circular issued by NSE, the decision was taken as part of preventive surveillance measures to curb excessive volatility in Jet Airways shares.

The stock exchanges have announced that the shares of the airline will be transferred from "the Rolling Segment" segment to "Trade for Trade", whereby the scrip settlement will take place on a gross basis with 100% prepaid margin and 5% price band. "

"There are concerns regarding the continuity of the information flow about the company, which is of great importance for the correct price discovery in the scrip," NSE adds, adding that trading in the Jet Airways shares may not have the actual status of the company.

NSE also mentioned the airline's failure to present its financial results for the year ending March 31, as well as comments from accountants as a reason for the move.

Shares of Jet Airways, once the largest private airline in India, have now more than halved since the airline stopped its operations in April after its lenders refused to suspend it.

From the 52-week high Rs 401 hit on 13 June 2018, the Jet Airways stock has fallen by 77%, given the last closing price. At 11:14 a.m., the shares of Jet Airways were traded at Rs 86.50 each, a decrease of 21.6% compared to BSE.

. (tagsToTranslate) BSE Nifty (t) BSE share (t) Jet Airways (t) National Stock Exchange (NSE) (t) sebi (t) stock market

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