Jet Airways down 6%; sees Rs 282 cr erosion in M-cap
Mumbai: Shares of Jet Airways Friday tanked nearly 6 percent, eroding Rs 282 crore from its market capitalisation amid investor concerns whether its stake-sale deal with the Abu-Dhabi based carrier Etihad would materialise.
According to media reports, fresh hurdles have come up in the Jet-Etihad deal. These include an option to buy up to 49 percent stake in the firm.
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 intra-day low of Rs 525.20 on the BSE, down 6.19 percent from its last closing price.
The scrip gained some lost ground and closed at Rs 527.35, down 5.81 percent.
The company lost Rs 282 crore from its market worth which fell to Rs 4,552 crore, from Rs 4,834 crore in the previous trading session.
On the National Stock Exchange as well, the stock opened at Rs 550 and touched intra-day low of Rs 525.20, down 6.20 percent from its previous closing price.
At the end of trade, the stock was trading at Rs 527.55, down 5.79 percent from its last 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.
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