Jet Airways share hits upper circuit of 5%, here's why

Jet Airways share price hit upper circuit of 5% in early trade ahead of lenders' meeting scheduled today. At 12:09 pm, the stock was stuck in the upper circuit of 5% at Rs 26.60 against previous close of Rs 25.35 on BSE.

Earlier, the share opened at Rs 26.20 and hit an intra day low of Rs 26.15.  Total 0.14 lakh shares changed hands amountitg to turnover of Rs 3.60 lakh.

Market cap of the share rose to Rs 302.17 crore on BSE.

The share hit 52-week high of Rs 50.25 on January 15, 2020 and 52 week low of Rs 13 on March 27, 2020.

"We wish to inform that the sixteenth meeting of the CoC of Jet Airways is scheduled to be held on September 28, at 11 am, for which notice to the members of the CoC has been sent on September 26," Jet Airways, that suspended operations in April 2019, said.

A decision to select the next owner of the airline is likely to be taken in the meeting.

Jet Airways bidding: Lenders shortlist four bidders for airline's revival

On July 21, the airline received bids from two suitors.

The first consortium was of Flight Simulation Technique Centre Pvt Ltd, Big Charter Pvt Ltd, and Imperial Capital Investments LLC.

The second bid was from the consortium of London-based financial services firm Kalrock Capital and entrepreneur Murari Lal Jalan.

Jet Airways stopped operations on April 17, 2019 after it ran out of funds and was admitted for insolvency on June 20. It has been grounded for over one year now and the slots allotted to it have been re-allocated to other airlines. Financial creditors to Jet Airways have filed Rs 8,232 crore worth of claims, while operational creditors owed more than Rs 7,300 crore, as per details available on the airline's website.

Jet Airways share hits 5% upper circuit after airline acquires six Boeing aircraft