Stock Exchange pulling Jet Airways’ shares from daily trading
Jet Airways’ stock price slumped again after the National Stock Exchange of India said it would pull its shares out of Futures and Options trading at the end of this month.
Jet’s share price plunged more than 23%, and has fallen nearly 70% in the past six months.
The NSE has lost patience with the grounded airline after it failed to submit its financial results for the year ended March 31.
"There are concerns with regard to continuity of flow of information about the company which is very vital for the appropriate price discovery in the scrip," the NSE said.
It also cited remarks made by the airline’s auditor as a reason to pull its hares from daily trading with effect from June 28.
With little information coming out of the company for investors to rely on, its current share price may not necessarily bear much relation to its current financial condition, the NSE said.
The stock will now be moved out of daily trading as a ‘preventive surveillance measure.’
It caps a bad week even for the airline’s recent standards.
Two of its creditors petitioned for bankruptcy resolution and a possible rescue package from Etihad Airways and Hinduja Group, considered as probably the airline’s last chance, has faltered.
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