MUMBAI, June 18 (Xinhua) -- A day after lenders decided to take India's beleaguered airline Jet Airways for insolvency proceedings, the stock price of the airline crashed to an all-time of low of Rs 32.25 before marginally recovering to close at Rs 40.45, down 40.8 percent on the Bombay Stock Exchange on Tuesday.
Since January, the stock had lost 77.85 percent and fallen 84 percent during the past year.
Last week, the National Stock Exchange (NSE) removed Jet Airways stock from daily trading of futures and options effective June 28 that accelerated the fall in Jet shares by 44 percent in the preceding four trading days.
Having failed to revive the country's first private sector airline, lenders on Monday decided to take the airline to bankruptcy court after all efforts failed to revive it over the past five months. The lenders also approached the aviation ministry to protect Jet Airways' slots and routes.
According to reports, India's bankruptcy court the National Company Law Tribunal is expected to hear the insolvency case filed by the lenders either on Wednesday or Thursday.
