Mumbai: Shares of Jet Airways extended losses for the ninth consecutive session on Tuesday and fell over 40% on the BSE. The National Company Law Tribunal (NCLT) could hear insolvency petitions for recovery of dues on June 20. The stock has erased market cap of Rs 2,800 crore in the past six months. Besides, the stock lost 73% of its value in the past seven days.
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. Meanwhile, Ashok Chawla and Sharad Sharma resigned as independent directors.
