Jet Airways dips on heavy volumes

Jet Airways (India) has tanked 9% to Rs 505 in noon deals, declining 15% from intra-day high on back of huge volumes. The stock opened at Rs 569 and hit high of Rs 594 on the National Stock Exchagne.

As many as a combined 10.66 million shares have already changed hands on the counter till noon deals against an average 7.23 million shares that were traded daily in past two weeks.

The stock has rallied 61% in past three-weeks on speculation of 24% stake sale to Etihad Airways.

However, on clarification to stock exchanges Jet Airways said that “We are aware that recently there has been much speculation in the press. The company however cannot comment on such speculative reports."