Shares of Jet Airways plunged nearly 8 per cent on Tuesday amid reports that the company is likely to temporarily shut down its operations.
The scrip tumbled 7.62 per cent to close at Rs 241.85 on the BSE. During the day, it plummeted 18.56 per cent to Rs 213.20.
At the NSE, shares plunged 7.71 per cent to close at Rs 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 company's market valuation also fell by Rs 225.65 crore to Rs 2,747.35 crore on the BSE.
Jet Airways is grappling with acute financial crunch and is operating less than 10 planes besides temporarily suspending international operations.
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, sources said Tuesday.
Reacting to the news of operation shutdown, Jet Airways clarified that while its operations have been severely affected due to the critical liquidity position, the company is awaiting emergency liquidity support from the consortium of the domestic lenders.
"The company's leadership, in consultation with its Board of Directors, is engaged with lenders in connection with the said emergency funding request to arrest the further deterioration of its services and minimise inconvenience to its guests," the airline told exchanges.
The carrier, which was founded more than 25 years ago, has already suspended international operations till April 18.
On Monday, Jet Airways CEO Vinay Dube said 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.
First Published: IST