Jet Airways Shares Hit Upper Circuit After NCLAT Nod For Ownership Transfer
The stock rose as much as 4.98% during the day on the BSE.
Shares of Jet Airways (India) Ltd. were locked in an upper circuit on Wednesday morning after the bankruptcy appellate tribunal, NCLAT, granted approval for the transfer of the airline's control to the Jalan Kalrock Consortium.
The National Company Law Appellate Tribunal directed the monitoring committee to complete the transfer of ownership within 90 days and it has also directed the lenders of Jet Airways to adjust the Rs 150 crore paid by the consortium as performance bank guarantee.
Jet Airways' stock also rose as much as 4.98% to Rs 44.92 apiece on the BSE, compared to a 0.15% advance in the benchmark Sensex as of 9:30 a.m.
The share price has fallen 34.40% in the last 12 months. The total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 39.