Jet Airways share price locked in upper circuit after NCLT approves

Mumbai:  Jet Airways share price locked in 5 percent upper circuit on June 22 after the National Company Law Tribunal (NCLT) approved the Kalrock-Jalan consortium’s resolution plan for the company, with riders.

The Directorate General of Civil Aviation (DGCA) and Ministry of Civil Aviation (MCA) have been given 90 days from June 22 to allot slots to the airline, CNBC-TV18 has reported.

After Jet Airways was grounded in April 2019, its slots were allocated to other airlines.

In October 2020, the Murari Lal Jalan-Kalrock Capital alliance won the bid for Jet Airways, giving the defunct airline a chance to restart operations.

In a recent affidavit submitted to the bankruptcy court, the MCA and the DGCA said Jet Airways could not claim historicity to obtain the slots.

The government and aviation regulator said allocation of slots would be done in accordance with the existing guidelines.

The share price jumped over 270 percent in the last 9 months.

At 13:04 hrs Jet Airways was quoting at Rs 99.45, up Rs 4.70, or 4.96 percent on the BSE.

The share touched a 52-week high of Rs 169.90 and a 52-week low of Rs 23.65 on 11 January, 2021 and 25 September, 2020, respectively.

Currently, it is trading 41.47 percent below its 52-week high and 320.51 percent above its 52-week low.