Jet Airways shares hit upper circuit. Here's why

Shares of Jet Airways scaled upper circuit on Thursday after reports that London-based asset management company Kalrock Capital and UAE investor Murari Lal Jalan have been chosen as the new owners of the bankrupt airline.

The scrip climbed 4.89 per cent to Rs 30.05 on the BSE, while the benchmark BSE Sensex traded 1.12 per cent higher at 40,324.

"Our consortium was chosen by the committee of creditors in a meeting," Igor Starha, managing partner at Kalrock told ET on the phone.

ET couldn't confirm it separately with Jet's lenders.

Another consortium comprising Haryana-based Flight Simulation Technique Centre, Mumbai’s Big Charter and Abu Dhabi’s Imperial Capital Investments was also in the race.

Kalrock's website described it as a London-based asset management company with interests in real estate, venture capital and “special situations”.

Jet Airways, India’s oldest private carrier, stopped operations in April last year due to a cash crunch and piling debt and was dragged to India’s bankruptcy court in June, by its lenders, to whom it owed more than Rs 8,000 crore.