Shares of Jet Airways India Ltd plummeted to record lows, a day after creditors said that they plan to start insolvency proceedings against the airline.

As per Reuters report, the insolvency proceedings against JetAirways are likely to initiate this week. The NCLT could heed insolvency petitions filed by the Jet Airway’s creditors for recovery of outstanding dues on 20-June

Reacting to the news, on Tuesday, the stock of Jet Airways India plunged massively by over 43% intraday low level of Rs31.65 per share from its previous close of Rs68.40

The Jet Airways stock was opened at Rs.61.60 and has touched intraday low at Rs31.65 per share.

At 2.40pm the stock was trading at Rs.38.65 per share, down by Rs.29.75 or 43.49% on the NSE.  In comparison, the Nifty stood at 11,685.75 up 13.60pts and the Sensex at 39,000.76 up 39.97 points.