Jet Airways tanks on Etihad deal worries
The stock has tanked almost 13% on NSE on reports that the company's deal with the Abu Dhabi-based carrier Etihad Airways may be called off.
 "Jet Airways tanks on Etihad deal worries")
Jet Airways (India) has tanked almost 13% to Rs 504 on NSE in noon deals on reports that the company’s deal with the Abu Dhabi-based carrier Etihad Airways may be called off.
“The board of Etihad Airways will meet on Friday, March 22, 2013 for final call on Jet deal,” the TV channel report suggests.
Etihad Airways is reportedly seeking investment protection under the Bilateral Investment Promotion Agreement (BIPA) even though India and UAE have not signed this agreement yet, added report.
Meanwhile, Commerce and Industry Minister Anand Sharma last week said neither Jet Airways nor Etihad Airways has approached the government with a formal investment proposal.
“Jet has been in talks with Etihad to sell 24% stake for the past few months for around $300 million. But the UAE government-run airline of late has developed some cold feet about the deal and reportedly seeking firm commitment from the government for the safety and security of its proposed investment,” the PTI report suggests.
The stock opened at Rs 579 and has seen a combined 2.46 million shares have changed hands on the counter till 1337 hours on NSE and BSE.
“The board of Etihad Airways will meet on Friday, March 22, 2013 for final call on Jet deal,” the TV channel report suggests.
Etihad Airways is reportedly seeking investment protection under the Bilateral Investment Promotion Agreement (BIPA) even though India and UAE have not signed this agreement yet, added report.
Meanwhile, Commerce and Industry Minister Anand Sharma last week said neither Jet Airways nor Etihad Airways has approached the government with a formal investment proposal.
“Jet has been in talks with Etihad to sell 24% stake for the past few months for around $300 million. But the UAE government-run airline of late has developed some cold feet about the deal and reportedly seeking firm commitment from the government for the safety and security of its proposed investment,” the PTI report suggests.
The stock opened at Rs 579 and has seen a combined 2.46 million shares have changed hands on the counter till 1337 hours on NSE and BSE.