Jet Airways shares tank over 23 % after bourses announce trading restrictions

New Delhi: Shares of Jet Airways on Thursday cracked over 23 per cent after stock exchanges decided to impose restrictions on its stock trading from June 28.

The scrip plummeted 23.18 per cent to hit a multi-year low of Rs 84.80 on the BSE. On the NSE, shares plummeted 23.30 per cent to hit a multi-year low of Rs 84.60.

Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular. Cash-starved Jet Airways suspended operations in April and lenders are working on ways for revival of the airline.

In a circular, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on gross basis with 100 per cent upfront margin and 5 per cent price band".

There are restrictions in trading of shares that are under Trade for Trade Segment. The decision has been taken jointly by the exchanges and would be effective from June 28, it said.

According to the circular, the company has failed to provide prompt responses to queries of exchanges regarding various rumours.