Jet Airways locked at 5% upper circuit on reports of Hinduja Group's interest

An ET Now report said that a consortium of diversified conglomerate Hinduja Group & Etihad Airways is keen on bidding for Jet Airways under the Insolvency and Bankruptcy Code.

Jul 01, 2019 08:07 IST India Infoline News Service

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Shares of Jet Airways were locked at 5% upper circuit at Rs 70.95 on July 1 amid reports that the Hinduja Group-Etihad Airways consortium is keen to buy the beleagured airline.

An ET Now report said that a consortium of diversified conglomerate Hinduja Group & Etihad Airways is keen on bidding for Jet Airways under the Insolvency and Bankruptcy Code (IBC). Hinduja Group called on lenders in London this weekend to discuss terms and conditions for bidding under IBC, the report added.

The Tata Group is also said to be exploring the possibility of a bid, however, it has not decided on this yet. Qatar Airways is also a potential bidder, as per media reports.

Etihad holds a 24% stake in Jet Airways and falls in the public shareholder category. The stock has lost 75% in the last three months due to the cessation of operations amid a cash crunch.


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