Jet Airways shares reverse losses; ends in positive territory
Mumbai: After slumping over 12 percent in morning trade, shares of Jet Airways Monday settled with gains of 1.56 percent on BSE.
Market analysts said the stock, which touched intra-day low of Rs 411.60, recovered some lost ground on bargain hunting by investors amid high volatility. At the end of Monday's trading session, the shares were trading at Rs 476.50, higher by 1.56 percent from the previous closing price.
Similar movement was witnessed on the National Stock Exchange where the stock ended the day 0.33 percent up at Rs 471.95, after falling 12.61 percent in intra-day trade.
The stock got hammered in early trade Monday after the Foreign Investment Promotion Board (FIPB) on Friday deferred a decision on Rs 2,000-crore Jet-Etihad deal and sought clarity on control and ownership.
Market regulator SEBI and competition watchdog CCI have already sought clarifications from the premier private carrier on its proposed transaction with Etihad, to ensure that Etihad's ownership powers in Jet remains in line with its 24 percent stake in the company's equity capital.
The company has also said that they will comply with all the regulatory authorities.
Meanwhile, the company Monday announced codeshare agreements with Air France, KLM Royal Dutch Airlines to enhance connectivity between Europe and India.