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Money Feb 26, 2013

Jet Airways extends losses; down over 11% on Etihad deal concerns

Mumbai: Shares of Jet Airways today tanked more than 11 percent amid investor concerns whether its stake sale deal with Abu Dhabi-based carrier Etihad would materialise.

Reuters

Jet shares opened weaker and lost further ground to touch a low of Rs 448.65 on the BSE. Reuters

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 Rs 448.65 on the BSE, down 11.07 percent from its last closing price.

On the National Stock Exchange as well, the stock opened at Rs 505.70 and touched intra-day low of Rs 448.40, down 11.25 percent from its previous closing price. Etihad has said the deal is being revised and might take some time to conclude. It is reported to be buying 24 percent equity in Jet Airways for about Rs 1,800 crore.

PTI


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