Jet Airways shares drop nearly 4%

New Delhi: Shares of Jet Airways fell nearly 4 per cent Tuesday amid the debt-ridden company massively cancelling flights after grounding of a large part of its fleet.

The shares of the company declined 3.35 per cent to close at Rs 229.05 apiece on the BSE. During the day, it plunged 5.48 per cent to Rs 224.

At the National Stock Exchange (NSE), shares dropped 3.65 per cent to close at Rs 228.10 per scrip.

On the traded volume front, 13.19 lakh shares were traded on the BSE and over one crore shares on the NSE during the day.

Civil Aviation Minister Suresh Prabhu on Tuesday directed his ministry's secretary to hold an emergency meeting on debt-ridden Jet Airways massively cancelling flights after grounding of a large part of its fleet.

The minister's direction came in the wake of the airline drastically reducing its operations due to liquidity crunch.

"Directed Secretary, @MOCA GOI to hold an emergency meeting on grounding of flights by Jet Airways, advance bookings, cancellations, refunds and safety issues, if any," Prabhu said in a tweet.

The airline Monday said it had grounded four more planes, taking the number of aircraft that are non-operational due to non-payment of lease rentals to 41.