Jet shares tank over 11% ahead of decision on Etihad deal

Jet shares tank over 11% ahead of decision on Etihad deal Mumbai: Shares of Jet Airways (India) on Monday tumbled by over 11 percent ahead of the Finance Ministry's meeting tomorrow on the Rs 2,000-crore Etihad deal.

After plunging 13.46 percent in intra-day trade, the scrip finally ended at Rs 403.70, down 11.18 percent from its previous close on the BSE.

On the NSE, the stock closed 11.37 percent lower at Rs 402.

In terms of volume, 11.52 lakh shares of the company changed hands on the BSE, while over 32.56 lakh shares traded on the NSE.

Jet Airways plans to sell 24 percent stake to Abu Dhabi-based Etihad for about Rs 2,058 crore.

Last week, Jet Airways chief executive Nikos Kardassis resigned.

For the quarter ended on March 31, 2013, Jet reported a net loss of Rs 495.53 crore against Rs 298.12 crore for the same period a year ago. Total income from operations declined to Rs 3,922 crore in the March quarter from Rs 4,041.61 crore in the year-ago period.

Meanwhile, the broader market saw flat trade, and the BSE benchmark Sensex ended the day at 19,441.07, up 11.84 points.

PTI