MUMBAI: Shares of Jet Airways extended losses for the ninth consecutive session on Tuesday and fell over 40 per cent on the Bombay Stock Exchange (BSE) in the afternoon session.
Investors said the stock has erased market cap of Rs 2,800 crore in the past six months. Besides, the stock lost 73 per cent of its value in the past seven days.
At 2:30 pm, the scrip was trading 44.07 per cent lower at Rs 38.20.
The development comes a day after State Bank of India (SBI)-led consortium of lenders decided to take the grounded airline to bankruptcy courts after failing to cobble together a revival plan despite working on it for over five months.
The National Company Law Tribunal (NCLT) could hear insolvency petitions filed by the airline's operational creditors for recovery of dues on June 20.
Last week, the National Stock Exchange that shares of Jet Airways will be removed from daily trading of futures and options effective from June 28.
With inputs from ANI