Jet Airways is a distressed stock, undergoing bankruptcy proceedings managed by NCLT. Although non-operational, it is not yet unlisted from the stock exchange and there are people holding on to these shares as trading instruments. The share price had continuously fallen from ₹265 levels in Apr-2019 to ₹15.45 on 18-Oct-19 after which it has been hitting upper circuit daily of 5% to close at ₹23.70 on 01-Nov-2019.
Just like any other listed stock, any positive sentiment on the company may bring back buying interest, which is what happened on 18-Oct when it was announced that the company shall be the first to undergo insolvency proceedings under the Cross Border Insolvency Protocol along with the Insolvency and Bankruptcy Code (IBC) of India. This could speed up the bankruptcy proceedings thereby increasing the chances of bringing some quick relief to its shareholders. Those believing that the market has undervalued the deb-ridden company would continue to buy, pushing up the stock prices.