Aviation

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

  • PTI, Mumbai
  • |
  • Updated: Feb 26, 2013 10:39 IST

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.

 

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