Jet Airways, the grounded airline, received a much-needed boost as its stock price soared by 5% to reach Rs 55.91 per share on the BSE. This remarkable uptick followed the announcement by Jalan Kalrock Consortium, the winning bidder overseeing Jet Airways' revival, that it had injected an additional Rs 100 crore into the airline, aligning with the court-approved resolution plan.
The Jalan Kalrock Consortium (JKC) stated that this recent capital infusion fulfills its total financial commitment of Rs 350 crore, a significant milestone in the journey to resurrecting the airline. This development positions the consortium to assume ownership of Jet Airways.
The stock's impressive ascent commenced shortly after 10 AM and swiftly reached the 5% upper limit within just over an hour.
Earlier in the day, the stock opened at Rs 54.90, following its previous day's closing at Rs 53.25. It briefly touched a low of Rs 53 and traded within a similar range for about half an hour before surging to a day's high of Rs 55.91.
Jet Airways' Recent Stock Performance:
Jet Airways' stock has displayed signs of recovery, witnessing a 1.01% increase over the past five trading sessions.
However, the stock has endured a challenging period, with a 17.91% decline in the past month, a 4.07% drop over the past six months, a 21.64% decrease year-to-date, and a substantial 40.71% slide over the past year.
In comparison, the stock's performance has lagged behind the Nifty 50 benchmark index. While the Nifty 50 has maintained stability with a 1.50% gain in the past month, a robust 13.13% surge over the past six months, a 7.92% increase year-to-date, and an impressive 14.88% growth over the past year, Jet Airways has faced greater challenges in its journey to recovery.