Shares of Jet Airways were hit hard as the company’s turnaround plan hit another hurdle. The stock fell 15% in three straight sessions, breaking below each day on the National Stock Exchange.

Also, on November 23, the stock fell to a 52-week low of Rs 65.55 at 9:30 am, down 5%. It has plunged 30% this month and is down 26% this year.

A string of recent developments has hit the company’s turnaround plans. The grounded airline temporarily cut some employees’ wages by 50% on November 14 and put some workers on unpaid leave, Media reported. The changes will come into effect on December 1.

To add insult to injury, the airline’s new owner, the Jalan-Kalrock consortium, told the National Company Law Appellate Tribunal (NCLAT) that it could not afford to pay additional funds to clear the Provident Fund (PF) and remuneration of around Rs 250 crore.

On November 21, The Economic Times said frustrated lenders had forced Jet Airways into liquidation as it considered selling 11 planes, and the resolution process remained slow.

Another blow came on November 22 when aviation safety body BCAS revoked the accreditation of Jet Airways’ aviation safety training facility.

“Following the transfer of ownership of Jet Airways to the consortium, safety functions will be restarted, and new approvals will be sought for new infrastructure setups,” the BCAS statement said.

The company’s net loss in the second quarter of fiscal 2023 widened to Rs 308.24 crore from Rs 60.78 crore a year earlier. Total revenue plummeted to Rs 13.52 crore from Rs 45.01 crore a year ago.

The once-legendary airline closed operations in April 2019 following the bankruptcy. In October 2020, the Jalan-Kalrock consortium won the bid to revive Jet Airways but has since come up with nothing.