Stock price of grounded Jet Airways shot up nearly 125 percent during closing trade on Thursday just hours before its National Company Law Tribunal (NCLT) hearing.

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Share price of Jet Airways closed at Rs 64 per share, up 93.35 percent on the BSE, after touching its intra-day high of Rs 77.35 per share.

The airline snapped its 10-day losing streak and doubled its stock priced in a single session after it fell over 50 percent on June 18 as State Bank of India filed an insolvency petition against the airline.

NCLT is scheduled to hear the insolvency petition against Jet Airways filed by a consortium of bankers at 5 pm today.

The lenders had filed the plea on June 18 and appointed Ashish Chhawchharia, head of restructuring services at Grant Thornton, as the resolution professional for Jet Airways.

The airline owes Rs 8,000 crore to lenders. Other key lenders to Jet Airways are Punjab National Bank, Bank of India, Yes Bank and ICICI Bank.

The tribunal will also hear an insolvency plea filed by two operational creditors of the airline Gaggar Enterprises and Shaman Wheels.

Apart from its domestic operations, Jet Airways was the largest international operator in India with a market share of almost 14 percent, followed by Air India, before it shut down for lack of funds and sustained losses.

Meanwhile, earlier today the civil aviation ministry allocated all international traffic rights of Jet Airways to other domestic airlines on a temporary basis, sources close told CNBC-TV18.

First Published:Jun 20, 2019 3:38 PM IST