Jet Airways down over 4%; sees Rs 197 cr erosion in m-cap
Mumbai: Shares of Jet Airways on Monday tanked more than 4 percent, eroding Rs 197 crore from its market capitalisation 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 intra-day low of Rs 501.60 on the BSE, down 4.88 percent from its last closing price. The scrip gained some lost ground and closed at Rs 504.55, down 4.32 percent.
The company has lost Rs 197 crore from its market worth that fell to Rs 4,355 crore, from Rs 4,552 crore in the previous trading session.
On the National Stock Exchange as well, the stock opened at Rs 522 and touched intra-day low of Rs 502.50, down 4.85 percent from its previous closing price.
At the end of trade, the stock was trading at Rs 504, down 4.57 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.