As a result, under preventive surveillance measure to curb excessive volatility, NSE issued a circular that the shares of the company will be shifted from Rolling Segment to Trade for Trade Segment (T2T) wherein the settlement in the scrip will take place on gross basis with 100 per cent upfront margin and 5 per cent price band.
Jet Airways stock extended loss and fell over 23 percent to hit its 52-week low of Rs 84.60 on Thursday after the National Stock Exchange said shares of the debt-laden airline would be pulled out of daily trading from June 28.
On the NSE, shares tumbled 17.72 per cent to close at Rs 90.75. By the end of the day, it's stock closed 16.71 per cent lower that previous day closing at Rs 91.95 a piece.
The stock is trading below its 50-day and 200-day moving averages of 142.81 and 224.15 level.
The National Company Law Tribunal (NCLT) on June 13 adjourned the hearing on Jet Airways insolvency case to June 20.
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The company reported ($0.14) earnings per share for the quarter, meeting the Zacks' consensus estimate of ($0.14). The acquisition was disclosed in a filing with the SEC, which is available through the SEC website .
The tribunal has asked the two operational creditors - Shaman Wheels and Gaggar Enterprises (who had taken Jet to the the NCLT) - to again serve legal notices to the grounded airline.
The airline owes more than Rs 8,000 crore to a consortium of banks led by the State Bank of India.
According to sources, Hinduja Group and Etihad Airways have aired concerns regarding the investigation into alleged irregularities at the airline, when they met Jet Airways officials and SBI on June 12.
Without referring to Jet Airways by name, which temporarily ceased operations on April 17, the Minister said that private-sector organisations can not make mistakes with the expectation that the government will bail them out.