Shares of grounded carrier Jet Airways India Ltd have surged inexplicably more than 50% in the last eight sessions even as the airline has not been operating for more than six months.

The stock hit the 5% upper circuit for eight consecutive trading sessions, gaining 50.5% during the period. At 11.24 am, the stock traded at ₹22.60 on the BSE, up 5% from its previous close. So far this year the scrip has declined a massive 92%.

On 17 April, Jet Airways suspended operations following an acute cash crunch. A consortium of 26 banks led by the State Bank of India has approached the National Company Law Tribunal (NCLT) to recover dues of more than ₹8,500 crore. The airline has had negative net worth for long and has run up losses of more than ₹13,000 crore over the past few years. Its total liabilities amount to more than ₹15,000 crore. Lenders of Jet Airways have been trying to sell the beleaguered airline as a going concern for the past five months, with no success as yet.

While the lenders saw initial interest from potential bidders such as Etihad Airways PJSC, India’s National Investment and Infrastructure Fund and private equity firms TPG Capital and Indigo Partners, none placed binding bids.

Mint reported on 3 September that Synergy Group, which runs several airlines in South America, including Colombian carrier Avianca Holdings, the region’s second largest airline, was willing to acquire a majority stake in the Indian carrier if lenders agree to take a deep haircut and convert their debt into equity.