NEW DELHI: Shares of Jet Airways plunged over 20 per cent in Thursdays trade as bidders for the debt-ridden airline showed no interest following up on their expressions of interest, dashing hopes of an early revival of the airline.Three of the four qualified bidders Etihad Airways, Indigo Partners and TPG Capital have not signed nondisclosure agreements, a must for conducting due diligence, even as just ten days are left for final submission of bids, ET reported.
Bidders are showing reluctance, following the governments decision to allocate Jets planes and slots to its peers.
Falling for the fourth straight session, the scrip plunged 20.16 per cent to hit a low of Rs 122.40 on BSE.ET had on April 23 reported that investors put forward difficult conditions such as an 80 per cent haircut on loans and a reworking of leasing contracts to proceed with the bidding process.
Jets top management and executives, meanwhile, have been knocking on the doors of Indias biggest business houses, appealing for investment, said two people in the know.