Shares of Jet Airways on Monday soared by over 18% to touch a one-year high level amid reports of talks between the airline and United Arab Emirates' Etihad Airways for stake sale.

Buoyed by the market buzz, shares of the company opened higher and further gained 18.39% to Rs. 598.80 – its highest level in a year – on the BSE.

At NSE, the stock zoomed up by 14.26% to a 52-week high of Rs. 577.70.

Market experts said the uptick in the counter is largely on the back of the stake sale report regarding the airlines.

On the volume front, over 22 lakh shares of the company changed hands on the BSE, while more than 69 lakh shares were traded on the NSE.

Rise in the stock was in a sharp contrast with a sluggish stock market where the BSE benchmark Sensex was trading at 18,534.71, up 28.14 points at 1225 hrs.