Debt-laden Jet Airways Ltd fell as much 17.6 per cent to Rs 126.4, its lowest since March 2009.
Bidders for Jet have not shown interest in following up their offers for the debt-laden airline, with a few days left to submit their final bids, a report said.
Three of the four qualified bidders - Etihad Airways, TPG Capital and Indigo Partners - have not signed non-disclosure agreements, which is necessary for conducting due diligence, the report said.
The Jet management has also been trying to tap the big business houses for investment, the report said.
Jet Airways, Etihad Airways, TPG Capital did not immediately respond to Reuters' requests for comments, while Indigo Partners were not immediately reachable for comment.
Around 5.1 million shares changes hands in early trade, compared with the 30-day average of about 19.8 million shares.
Up to Tuesday's close, the stock had fallen 44.7 per cent this year.