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.
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.