Jet Airways shares fall 8% on reports of temporary shutdown

Mumbai: Shares of Jet Airways (India) Ltd fell nearly 8% Tuesday amid reports that the company is likely to temporarily shut down its operations. The stock tumbled 7.62% to close at ₹241.85 on the BSE. During the day, it plummeted 18.56% to ₹213.20.

At the NSE, shares plunged 7.71% to close at ₹241.50.

On the traded volume front, 48.67 lakh shares of the company were traded on the BSE and over five crore shares on the NSE during the day.

The share price slump eroded Jet Airways' market cap by ₹225.65 crore to ₹2,747.35 crore on the BSE.

On Tuesday, the BSE sought clarification from Jet Airways on reports that it is likely to temporarily shut down its operations.

Jet Airways is grappling with acute financial crunch and is operating less than 10 planes besides temporarily suspending international operations till 18 April.

The management of cash-strapped Jet Airways will take a final call by end of the day on whether to continue operations as the airline makes last ditch efforts to raise funds, people in the know said Tuesday.

On Monday, Jet Airways CEO Vinay Dube said that the lenders could not decide on the emergency funding and that the airline's board would meet on Tuesday to take a call on the future.