Extending its losing run to the ninth straight session, shares of Jet Airways on Friday slumped by 7 per cent on heavy selling as the company's offer to sell over 43.17 lakh (4.31 million) shares via the OFS route was under-subscribed.
After plunging 8 per cent to Rs 486.30 in intra-day, the stock finally ended the day at Rs 491.50, down 7.01 per cent on the BSE.
At the NSE, the stock ended at Rs 500, down 5.38 per cent from previous close.
Jet shares have dropped by 16 per cent from May 21.
Jet Airways said on Friday it has complied with market regulator Sebi's 25 per cent minimum public shareholding norm by selling 5 per cent of its promoters' stake through OFS route and block deal.
Earlier in the day, Jet Airways said that Sebi has allowed its promoters to sell further 1.54 per cent stake.
Jet Airways on Thursday received bids for around 30 lakh (3 million) scrips, accounting for 3.5 per cent stake, against offer of nearly 43 lakh (4.3 million) shares via offer-for-sale route.
Sebi, in a communication to Jet Airway's main promoter Tail Winds, said on Friday, ‘promoters of the company are allowed to sell up to 1.54 per cent of the share capital on the floor of the stock exchange in a bonafide manner to unrelated non-promoter entities through the regular market conditions." On Thursday, Goyal had picked up nearly 37 per cent stake in the company for about Rs 1,670 crore (Rs 16.7 billion).
Last week, Goyal had purchased 29 per cent stake from Tail Winds for about Rs 1,434 crore (Rs 14.34 billion).
In the stock market, the BSE 30-share benchmark index Sensex ended the day at 19,760.30, down 455.10 points.
Image: A newly acquired Jet Airways Boeing 777-300ER aircraft sits on the tarmac at Mumbai airport | Photographs: Punit Paranjpe/Reuters
