Jet Airways India on Tuesday skid nearly nine per cent on the Bombay Stock Exchange, a day after Sahara India moved the Bombay High Court against the company for alleged non payment of installments related to the buyout of erstwhile Sahara Airlines in April 2007.
Shares of Jet Airways slipped 8.53 per cent to touch a low of Rs 158.15. It was later trading at Rs 164.70, down 4.16 per cent on the BSE.
A similar movement was seen on the National Stock Exchange, where the scrip fell 9.30 per cent to touch a low of Rs 157. It was later quoting at Rs 165.35, down 4.48 per cent.
A total of 1.8 lakh shares of Jet Airways India changed hands on both the bourses.
The nosedive in the scrip holds significance as the benchmark Sensex is trading in the positive territory at 9693.85 points, up 1.31 per cent.
In 2007, Jet Airways had purchased Sahara Airlines for Rs 1,450 crore and paid Rs 900 crore upfront. Over the next four years (beginning 2007), the private air carrier had agreed to pay Rs 137 crore as yearly installments.
The I-T department has raised certain demands on Sahara India Airlines (now JetLite) for the period prior to the takeover and unrelated to the activities of JetLite before the takeover, a Jet spokesperson said on Monday.