Jet Airways stock hits the upper limit of 5% after Jalan Kalrock infuses Rs 100 crore in airline

Jet Airways Share Price: Shares of Jet Airways hit the upper limit of 5 per cent, or Rs 2.66, at 55.91 apiece on BSE to end at the same level on Friday, moments after Jalan Kalrock Consortium, the winning bidder for the revival of grounded carrier Jet Airways, said that it had infused an additional Rs 100 crore in the airline as per the court-approved resolution plan.

JKC (Jalan Kalrock Consortium) said in a statement, "With this, the consortium has "fulfilled" its total financial commitment of Rs 350 crore to revive the airline, which would pave the way for it to take over the ownership of Jet Airways."

Jet Airways stock's rally started slightly after 10 am in the morning and it took it less than one and a half hour to hit the upper limit of 5 per cent.

Earlier in the day, the share opened at Rs 54.90 after the previous closing of Rs 53.25. Moments later, it hit the day's low of Rs 53 and stayed around the same range for about half an hour before it sprung to the day's high of Rs 55.91.

Jet Airways share performance 

The share's flight on Friday gave it some momentum and helped it rise 1.01 per cent in the last five trade sessions.

The stock of the embattled airline has struggled for over a year. It has slid 17.91 per cent in the last one month, 4.07 per cent in the six-month period, 21.64 per cent year to date, and 40.71 per cent in the last one year.

The stock of the airline has underperformed against the benchmark Nifty 50, which has traded flat in the last five sessions; it has been up 1.50 per cent in the last one month, has soared 13.13 per cent in the six months, 7.92 per cent year to date, and 14.88 per cent in the one year.