Jet stock dips on HC direction to pay dues to Sahara

Shares of Jet Airways fell little over 5% on the NSE today after the company was directed by the Bombay High Court to pay Sahara India Rs 478 crore.

Following the High Court direction, the stock of the private carrier ended the day lower by 5.06% at Rs 446.25 on the National Stock Exchange (NSE). In intra-day session, the company's scrip tumbled by 6.18% to touch a low of Rs 441.

The stock witnessed a similar downtrend on the Bombay Stock Exchange, where it slipped by 4.70% to settle the day at Rs 447.30.

On the volume front, over 26 lakh shares of the company were traded on the two bourses during the day.

Jet Airways was today directed by the Bombay High Court to pay Sahara India Rs 478 crore within two weeks, following a legal wrangle over the dues on the Rs 1,450-crore takeover deal of Sahara Airlines (now Jetlite) four years back.

Jet bought Sahara Airlines in April, 2007, for Rs 1,450 crore after an arbitration award. It paid Rs 900 crore and agreed to pay the balance in four installments.

A dispute then arose between Jet and Sahara over the payment of income tax dues, each claiming it was the responsibility of the other to pay the amount.

Meanwhile, the BSE 30-share index Sensex ended the day at 18,469.36, down by 65.33 points, while the NSE's Nifty finished the day at 5,537.15, lower by 28.10 points.