Shares of Jet Airways closed 7 percent lower amid multiple negative developments.
The stock had touched an intraday high of Rs 337.70 and an intraday low of Rs 303.25.
According to a Reuters report, Tata Sons is believed to have clarified that it is only in preliminary talks with the carrier, but has not made a proposal to acquire a stake yet. This may have deflated any hopes of a quicker resolution for the struggling airline.
Further, on Sunday, the airline cancelled 10 flights from Mumbai on the back of scarcity of pilots, PTI reported.
The buzz gathered steam after pilots will be meeting the top brass to discuss these concerns.
The stock has risen over 47 percent in the past one month, while in the past three days, the stock has risen over 25 percent. At the close of market hours, the stock was quoting at Rs 323.00, down Rs 23.85, or 6.88 percent.