Jet Airways shares up 3% on revival hopes

May 10, 2019 18:00

Shares of Jet Airways rose by nearly 3 per cent Friday after SBI chairman Rajnish Kumar said the lenders have received two "unsolicited" bids for the company and "one" more is expected by the end of the day, keeping the hopes for the revival of the grounded carrier alive.

The scrip went up by 2.85 per cent to close at Rs 151.80 on the BSE. During the day, it gained 6.91 per cent to Rs 157.80. In terms of traded volume, 21.26 lakh shares were traded on the exchange during the day.

The consortium of 26 lenders, led by State Bank of India, which now owns 51 per cent in the airline, had invited expressions of interest between April 8 and 12 and had received four preliminary bids.

"Two unsolicited bidders have submitted EoI for Jet and we are expecting one more bid by the end of the day," Kumar told reporters at the earnings conference in Mumbai. Jet Airways stopped operations on April 17 due to acute financial distress. -- PTI

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