Jet's roller coaster ride continues: up 4% on Etihad meet

Shares of Jet Airways rose 5% on news of Naresh Goyal, the promoter of Jet Airways, meeting Etihad Airways' top officials in Abu Dhabhi.

Nov 21, 2018 07:11 IST India Infoline News Service

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Shares of Jet Airways rose by 4% on news of Naresh Goyal, the promoter of Jet Airways, meeting Etihad Airways' top officials in Abu Dhabhi. However, Jet Airways has not made any disclosures regarding the same to the exchanges.

Etihad Airways owns 24% in Jet Airways and Naresh Goyal is reportedly in talks with the foreign partner for financial support. 

Etihad had invested in Jet Airways in 2013, buying a 24% stake for ~Rs2,060cr. The deal was inked after the Indian government changed a policy, allowing foreign airlines to invest in their Indian peers.

The company was in the headlines in the previous week amidst rumors that Tata and Jet's top officials met to discuss a potential acquisition of the latter airline.

As per media sources, Tata Sons Chairman N Chandrasekaran was in favor of the Jet Airways' acquisition; however, some said that group Chairman Emeritus Ratan Tata had reservations about it.

Jet Airways (India) Ltd is currently trading at Rs323.75 up by Rs13.65 or 4.4% from its previous closing of Rs310.10 on the BSE.
The scrip opened at Rs313.90 and has touched a high and low of Rs329.95 and Rs313.90 respectively.

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