{"id":123882,"date":"2019-06-21T09:20:16","date_gmt":"2019-06-21T09:20:16","guid":{"rendered":"https:\/\/www.bnreport.com\/jet-airways-stock-goes-berserk-swings-100-between-highs-lows\/"},"modified":"2019-06-21T09:20:16","modified_gmt":"2019-06-21T09:20:16","slug":"jet-airways-stock-goes-berserk-swings-100-between-highs-lows","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/jet-airways-stock-goes-berserk-swings-100-between-highs-lows\/","title":{"rendered":"Jet Airways stock goes berserk, swings 100% between highs & lows"},"content":{"rendered":"

NEW DELHI: Shares of Jet Airways<\/a> went berserk in Fridays trade, swinging in a wide range of over 116 per cent between high and low points after the NCLT admitted the ailing airline for insolvency proceedings on Thursday.<\/p>\n

A ban on the futures and options contracts on the stock lapsed on Friday.<\/p>\n

Speculative trade was at its extreme, while deliverable quantity remained low at a mere 3.42 per cent of total traded quantity on BSE at the time of writing this copy.<\/p>\n

Fridays was second session when the scrip saw over 100 per cent fluctuation in share price between the two extremes amid heavy volumes.<\/p>\n

\u201cTechnicality is playing its part, as the scrip is going out of F&O trade from July series, pushing traders to cover shorts. It is highly illiquid in futures trade,\u201d said Sameer Kalra, Founder at Target Investing.<\/p>\n

Chandan Taparia of Motilal Oswal<\/a> Securities said short covering played a role in the scrips volatile movement.<\/p>\n

The scrip will be shifted to trade-for-trade segment from June 28, the day it exits F&O basket.
Mustafa Nadeem, CEO, Epic Research, said such an upsurge in volumes and price action have been seen on the counter in the past as well. \u201cBut most of the time, such moves have turned out to be a trap. This one will also prove to be the same,\u201d he said<\/p>\n

There is a lot of debt on the companys balance sheet. There are dues to creditors, lenders, lessors and employees, and its entire fleet of planes was on rent. \u201cWe do not think there can be a big turnaround,\u201d Nadeem said.<\/p>\n

At 12.15 pm, the scrip traded 5.7 per cent higher at Rs 67.55 on BSE. It witnessed swings of 116 per cent intraday from days low of Rs 37.80 to a high of Rs 81.70 on NSE. On BSE, the scrip gyrated some 100 per cent.<\/p>\n

The aviation ministry earlier this week distributed the airlines foreign flying rights among other domestic carriers through an allocation process.<\/p>\n

NCLT, the bankruptcy court, on Thursday admitted an insolvency petition by the airlines top lender Read More \u2013 Source<\/strong><\/a>
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ET Markets<\/a><\/h5>\n

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