Jet Airways hits 21-month low

The stock has tanked 8% to Rs 270, its lowest level since March 2012 on the Bombay Stock Exchange.

Shares in Jet Airways (India) have tanked 8% to Rs 270, its lowest level since March 2012 on the BSE, on back of heavy volumes. A combined 2.35 million shares have already changed hands on the counter till late noon deals against an average sub one million shares that were traded daily in past two weeks.

According to PTI reports, fair trade watchdog the Competition Commission of India (CCI) is seeking explanations from the Jet Airways and Etihad Airways to ascertain whether they failed to provide information on certain commercial pacts that could raise anti-competition concerns.

Last month, the CCI approved the deal, involving Abu Dhabi carrier Etihad Airways' purchase of 24% stake in Naresh Goyal-led Jet Airways for Rs 2,060 crore.

Meanwhile, Air India's former executive director, Jitender Bhargava, has appealed against the CCI’s clearance to the deal, arguing the latter failed to assess how it would curb competition.

Separately, Bharatiya Janata Party Member of Parliament Subramanian Swamy, who has filed a suit against increased traffic rights to Abu Dhabi, has demanded capital market regulator, the Securities and Exchange Board of India (Sebi), consider the deal “null and void” till Etihad announces an open offer, the Business Standard report suggests.