Jet Airways shares hit 5% upper circuit. Here's why
Jet Airways said in a statement.
«The consortium's strategy to revive the airline remains unaltered. The new promoters are determined to re-establish the operations of the airline up and running in 2024.
Further announcements regarding the launch date of Jet Airways will now be made in the coming weeks,» it said.
On a year-to-date basis, the stock has declined 15%, while it has fallen nearly 40% in the past year. It has also plunged nearly 45% in the last two years.
The consortium had originally agreed to infuse the amount by August 31 but had sought an extension on the same.
The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the consortium in June 2021.
However, the plan is yet to be implemented.
The consortium of UAE-based businessman Murari Lal Jalan and UK's Kalrock Capital Partners expects to take control of the airline by the end of the year and asked banks to complete the regulatory process, ET had reported earlier in September.
In terms of technicals, the stock's day RSI (14) is at 37.6. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed.
MACD is at -1.5, which is below its Signal and Center Line, this is a strong bearish indicator.
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