Six months after Jet Airways grounded its services, the shares of the airline have surged more than 50 per cent in the last eight sessions. The stock hit the five per cent upper circuit for eight consecutive trading sessions, gaining 50.5 per cent during the period, reported Livemint.
However, the report could not explain the reason behind the surge in stock. At 11.24 am, the stock traded at ₹22.60 on the BSE, up five per cent from its previous close. The scrip has declined a massive 92 per cent so far this year.
The National Stock Exchange and the BSE said that the stock would be removed from daily trading of futures and options and moved to trade for trade segment from June 28. Jet Airways, the country's second-largest carrier last year, had to halt operations in April as losses were mounting and the airline failed to get emergency funding that would have helped it run day-to-day operations.
A consortium of lenders, led by the State Bank of India, has been searching for a buyer, which would acquire Jet Airways. Reportedly, South American conglomerate Synergy Group Corp, which owns a majority stake in Colombian carrier Avianca Holdings, had evinced interest in the beleagured airline. It is learnt that the Centre is negotiating with Synergy Group over the acquisition.