NEW DELHI: Shares of Jet AirwaysNSE -9.94 % hit their lower circuit limit of 10 per cent in Tuesday's session after the airline's lenders decided to take it to bankruptcy courts. The scrip hit its fresh all-time low of Rs 61.50.
Lenders led by State Bank of IndiaNSE -0.31 % have decided to take the grounded Jet Airways to bankruptcy courts after failing to stitch together a revival plan despite working on it for over five months. The petition by the lenders could be filed in the Mumbai ..
The development marks an end of an era in Indian aviation and caps an unhappy and debilitating period for Jet Airways, its management and stakeholders who have had to endure the total grounding of the airline and the departure of its several top-performing staff to other airlines or industriesNSE -1.29 %.
Grounded since April 17, lenders were increasingly finding it difficult to find a white knight for Jet Air with its accumulated debt of Rs 8,500 crore and total liabilities of over Rs 25,000 crore.
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