Jet shares crash a record 32% to hit decade low

INSUBCONTINENT EXCLUSIVE:
MUMBAI: Shares of Jet Airways plunged a record 32% to its lowest in a decade as the carrier suspended operations after failing to
secure emergency funds from lenders
Rivals enjoyed a brief spurt -- SpiceJet surged to a 52-week high and InterGlobe Aviation, which runs IndiGo, hit an all-time record
But those gains fizzled later in the session as SpiceJet ended 2.7% up and InterGlobe fell 2% at the close. Some experts see Jet Airways,
The stock closed at Rs 163.90 on Thursday, its lowest since March 25, 2009, having suffered its worst single-day decline since it began
institutional equities at Edelweiss
Shortlisted bidders for Jet are to make binding submissions by May 10. Shares of Jet Airways fell as much as 34.6% to a low of Rs 158.10
during the session. Jet Airways CEO Vinay Dube had appealed to lenders for emergency funding of Rs 400 crore but they refused to do so
without additional collateral, grounding the airline on Wednesday night. SpiceJet ended at Rs 136.25 after gaining as much as 15% during the
session to a one-year high of Rs 152.60
InterGlobe Aviation ended at Rs 1,554.70, having touched a lifetime high of Rs 1,650 during trade. However, SpiceJet and InterGlobe have
gained 74.5% and 17.6%, respectively, in the past month
Still, analysts say there are no significant gains to be made in the two as they have already risen significantly and oil prices remain a
headwind
see supernormal profits as Jet has stopped operations but the rally in these stocks may not last too long as these stocks have gained
a risky trade to buy airline stocks in the face of the crude oil price risk
last financial year
have a free runway for now with landing rights, parking etc
woes, had been resilient until Monday as investors held on to hope of a rescue
shutdown as it has seen addition in capacity for the last few quarters butt Spice-Jet may not be able to take as much advantage as its
The four shortlisted bidders include TPG Capital and Indigo Partners, Indian wealth fund National Investment and Infrastructure Fund and
Etihad Airways, which owns 24% of Jet.