NEW DELHI: Shares of Jet Airways dropped over 3 per cent in Friday’s trade on reports that cash-strapped company has proposed lenders to securitise revenue from ticket sales against outstanding debt. The company, which defaulted on loan repayments in December, is also said to have approached upper echelons of officialdom earlier this week in pursuit of a rescue by state-run banks, according to an ET report. The scrip declined 3.34 per cent to hit a low of Rs 238.60 on BSE.

The scrip has fallen 20 per cent in last one month and 70 per cent over last 12 months.

The fall in stock is seen even as crude prices have eased considerably of late.

Jet chairman Naresh Goyal and top management of India’s second-biggest airline by market share are to meet other creditors, including leasing companies facing delayed payments, early next week, report added.

Jet is likely to propose a fresh repayment schedule that involves haircuts, said a person aware of plan.