ANI
13 Jun 2019, 11:07 GMT+10
Mumbai (Maharashtra) [India], June 13 (ANI): Shares of grounded airline Jet Airways will be removed from daily trading of futures and options at the National Stock Exchange (NSE) from effective June 28.
The reason cited by the bourse is the company's failure to respond to queries about persisting rumours in the market, NSE said in a circular late on Wednesday.
NSE also cited the company's failure to submit financial results for the year ended March 31 as well as observations made by its auditor as reasons for its decision.
"The exchange has been seeking clarification from the company in the recent past about various rumours floating in the market, but Jet has failed to provide prompt responses. The responses have also not been clear and satisfactory," the circular said.
There are concerns with regard to continuity of flow of information about the company which is very vital for the appropriate price discovery in the scrip, NSE said.
"Hence, trading in the scrip may not reflect the actual status of the company. Accordingly, no contracts will be available for trading from June 28 ... as a preventive surveillance measure," it said.
Jet Airways stopped operations on April 17 and has been under the management control of State Bank of India-led consortium of lenders following a debt-restructuring plan. But no firm bids have come forth yet to revive the airline.
Most of its board members and senior executives, including Chief Executive Officer Vinay Dube and Chief Financial Officer Amit Agarwal, have resigned from their positions.
The airline went into a tailspin while facing bruising competition from low-cost airlines, fluctuating crude prices and a weak rupee.
(ANI)Get a daily dose of Africa Leader news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Africa Leader.
More InformationBRUSSELS, Belgium: Meta is holding firm on its controversial pay-or-consent model, a move that could lead to fresh antitrust charges...
LONDON, U.K.: American consumers and businesses could soon face the highest overall tariff burden in more than a century, according...
The family of Sayfollah Saif Musallet, a 20-year-old American citizen who was beaten to death by Israeli settlers in the occupied West...
CONCORD, New Hampshire: A federal judge in New Hampshire issued a crucial ruling on July 10 against President Donald Trump's executive...
DUBAI, U.A.E.: A cargo ship flagged under Liberia, known as the Eternity C, sank in the Red Sea following an attack executed by Yemen's...
WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...
NEW YORK CITY, New York: Bitcoin surged to a new all-time high this week, buoyed by growing institutional interest and a wave of pro-crypto...
SHENZHEN, China: As global chip competition intensifies, Huawei Technologies is exploring new markets in the Middle East and Southeast...
LONDON/NEW YORK CITY: American grocery bills may be headed higher as coffee and orange juice prices face upward pressure from new tariffs...
BATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...