Why is Jet Airways stock still being traded?
SEBI should act to protect retail investors who continue to buy the bankrupt airline’s shares, whose value will be wiped out almost entirely.
Why read this story?
Editor's note: Did you know that one not so fine morning your holding in Jet Airways can fall by 99%? That is, if you hold 100 shares of Jet Airways in your demat account today, you will be left with just one share. This is not a mere possibility—it is going to happen suddenly in the near future. We are writing about this open secret because the Securities and Exchange Board of India too knows this eventuality but isn't doing anything to stop trading in the Jet Airways stock. In the meanwhile, investors are having a ball trading the stock, which rose from a low of Rs 90 to Rs 124 and is currently trading at Rs 95. The volumes aren’t big. The stock still trades an average 30,000 shares a day, but there were days when half a million shares changed hands in the past six months. It is also evident that the price movements track corporate news that comes out from time to time, such as Jet buying aircraft or testing flights. It appears that investors at large are still …
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