Shares of Jet Airways plummeted more than 17 percent intraday on May 2 after bidders of the debt-laden airline failed to submit their expression of interest, handing a major blow to the early revival of the airline.
According to a report in The Economic Times, three of the four qualified bidders—TGP Capital, Etihad Airways and Indigo—have not signed the mandatory nondisclosure agreements for due diligence, with less than 10 days remaining for the final submission of bids.
The report added that only National Investment and Infrastructure Fund (NIIF) has been looking into Jet’s accounts and key documents as part of the due diligence.
The bidders have till May 10 to submit their offer for the airline.
At 0947 hours, Jet Airways was quoting Rs 126.95, down 17.19 percent on the BSE.