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Shares of Jet Airways down more than 11% on Etihad deal worries

PTI  Mumbai, February 26, 2013
First Published: 22:38 IST(26/2/2013) | Last Updated: 22:39 IST(26/2/2013)

Shares of Jet Airways on Tuesday tanked more than 11% amid investor concerns whether its stake sale deal with Abu Dhabi-based carrier Etihad would materialise.

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According to media reports, fresh hurdles have come up in the Jet-Etihad deal. There were also reports that the UAE-based carrier was seeking to revise a proposed deal with the Indian carrier.

Jet shares opened weaker and lost further ground to touch a low of R448.65 on the Bombay Stock Exchange (BSE), down 11.07% from its last closing price. Shares closed at Rs. 448.45, 11.12% down.

On the National Stock Exchange as well, the stock opened at R505.70 and touched intra-day low of Rs. 448.40, down 11.25% from its previous closing price. Shares closed at Rs. 450.2, 10.97% down.

Etihad has said the deal is being revised and might take some time to conclude. It is reported to be buying 24% equity in Jet Airways for about Rs. 1,800 crore.

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