It added that the scrip of the company shall be shifted from rolling segment to trade-for-trade segment, wherein the settlement in the security will take place on gross basis with 100 per cent upfront margin and 5 per cent price band.
The exchanges reasoned that the company has failed to provide any prompt or satisfactory response to the clarifications that they have sought from the company with respect to various rumours floating in the market.
Furthermore, the debt-laden airline has also stated that it was not in a position to consider and approve the audited financial result for the year ended 31 March 2019.
"Considering the aforementioned reasons and the observations made by auditor of the company, there are concerns with regard to continuity of flow of information about the company which is very vital for the appropriate price discovery in the scrip. Hence trading in the scrip may not reflect the actual status of the company," the statement said.
Thus far in the current calendar year 2019, the stock has tanked 67 per cent, as compared to a 10 per cent rise in the S&P BSE Sensex.
From the 52-week high level of Rs 401 on June 13, 2018, it has plunged 77 per cent as per data provided by the BSE. The counter has seen huge volumes with a combined 7.14 million shares, representing 6 per cent of total equity, changing hands on the NSE and BSE till 09:54 am.