Meanwhile, the BSE Sensex was down 20.66 points, or 0.12%, to 17,081.94.
On BSE, 97,552 shares were traded in the counter as against an average daily volume of 2.74 lakh shares in the past one quarter.
The stock hit a high of Rs 509 and a low of Rs 495.05 so far during the day. The stock had hit a 52-week high of Rs 605.95 on 3 December 2009 and a 52-week low of Rs 115.25 on 12 March 2009.
The stock had underperformed the market over the past one month till 8 March 2010, gaining 6.44% compared with the Sensex's 7.32% rise. It underperformed the market in past one quarter, sliding 10.73% as against 0.73% decline in the Sensex.
India's largest air carrier by market capitalisation has an equity capital of Rs 86.33 crore. Face value per share is Rs 10.
The current price of Rs 496.85 discounts the company's Q3 December 2009, annualised EPS of Rs 49.02, by a PE multiple of 10.13.
The fund-raising plan was reportedly dropped as the company's owner Naresh Goyal had second thoughts about a significant decline in his stake in the private airline.
A senior Jet Airways official was quoted by the media as saying that the company is not going ahead with its QIP this fiscal. Jet will be deciding on fund-raising by the first quarter of the next financial year.
Report suggested that Jet is hesitating to raise funds because of the inevitable dilution in the promoter stake, which is currently at 80%. To raise $200 million, Mr Goyal will see his current stake come down to 66%, at the current share price of Rs 504.30, the closing price on Monday, 8 March 2010.
With the QIP option on hold, the airline is reported to be considering other options to garner funds. It is also close to finalising a deal to sell some land it owns at the Bandra Kurla Complex in Mumbai, which is likely to fetch close to Rs 450 crore. In addition to this it is also trying to reach a deal on leasing out three aircraft to foreign carriers which can bring in additional income.
The Indian government allowed Jet to raise funds in December last year. With a debt burden of $3 billion (Rs 13,500 crore) on its books, the company is looking to raise fund to retire debt.
Jet Airways (India) reported a net profit of Rs 105.80 crore in Q3 December 2009 compared to net loss of Rs 214.18 crore in Q3 December 2008. Net sales fell 6.4% to Rs 2722.68 crore in Q3 December 2009 over Q3 December 2008.
Jet Airways (India) is an airline providing regular scheduled services on routes between all of India's major cities.