Jet Airways tanks as FIPB defers Etihad's deal
FIPB wanting more clarity on management control following equity infusion by the Gulf airline.
Jet Airways (India) has tanked 12% to Rs 412 in opening deals on BSE as the government deferred clearance of the Etihad's proposal to buy a 24% stake in the domestic airline.
The stock opened at Rs 430 and has seen a combined around one million shares changing hands on the counter on BSE and NSE.
The Foreign Investment Promotion Board (FIPB) on Friday deferred approval to the Rs 2,060-crore Jet Airways-Etihad deal, wanting more clarity on management control following equity infusion by the Gulf airline, media report suggests.
FIPB's decision to postpone a decision comes in the wake of Securities and Exchange Board of India's (Sebi) concerns on substantial management rights going to Etihad under the deal.
The stock opened at Rs 430 and has seen a combined around one million shares changing hands on the counter on BSE and NSE.
The Foreign Investment Promotion Board (FIPB) on Friday deferred approval to the Rs 2,060-crore Jet Airways-Etihad deal, wanting more clarity on management control following equity infusion by the Gulf airline, media report suggests.
FIPB's decision to postpone a decision comes in the wake of Securities and Exchange Board of India's (Sebi) concerns on substantial management rights going to Etihad under the deal.