Jet Airways tumbles after promoter pledges entire stake to PNB

Jet Airways (India) fell 4.38% to Rs 443.90 at 9:58 IST on BSE after the company said that its promoter Naresh Goyal has pledged his entire 51% stake in the company to Punjab National Bank.

The company disclosed the information after market hours yesterday, 13 January 2015.

Meanwhile, the BSE Sensex was up 43.65 points, or 0.16%, to 27,469.38.

On BSE, so far 2,000 shares were traded in the counter, compared with an average volume of 6.72 lakh shares in the past one quarter.

The stock hit a high of Rs 450.90 and a low of Rs 437.50 so far during the day. The stock hit a 52-week high of Rs 471.25 on 13 January 2015. The stock hit a 52-week low of Rs 203.50 on 26 September 2014.

The stock had outperformed the market over the past one month till 13 January 2015, rising 15.49% compared with 0.27% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 98.69% as against Sensex's 3.95% rise.

The mid-cap private sector air carrier has an equity capital of Rs 113.60 crore. Face value per share is Rs 10.

Jet Airways (India), in a regulatory filing, said Naresh Goyal has pledged his entire 5.79 crore shares constituting 51% holding in the airline effective 8 January 2015 to Punjab National Bank (PNB) with a non-disposal undertaking. The reason for pledging of shares was not disclosed.

Jet Airways (India) reported net profit of Rs 69.82 crore in Q2 September 2014 compared with net loss of Rs 891.01 crore in Q2 September 2013. Total income rose 24.6% to Rs 5320.73 crore in Q2 September 2014 over Q2 September 2013.

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