Jet Airways continues to fly high; up 8% ahead of Tata Sons board meet

Shares of Jet Airways Friday surged over 8 per cent ahead of a meeting of Tata Sons' board, which is likely to discuss buyout of the cash-strapped airline.

The scrip of the airline soared for the fourth consecutive day on Friday.

The stock finally settled at Rs 346.85 on the BSE, down 8.07 per cent from the previous close after falling nearly 7 per cent to hit a low of Rs 299.75 apiece in morning trade. In intra-day trade, the scrip climbed 11.23 per cent to Rs 357.

At the National Stock Exchange, the shares of the airline closed 6.26 per cent higher at Rs 341. It had risen as much as 14.35 per cent to an intra-day high of Rs 366.95.

"Tata Sons board is meeting Friday to consider the proposal to bid for Jet Airways," people in the know of the development had told PTI.

On Thursday, shares of Jet Airways had zoomed up to 26 per cent.

A section of media had reported that Tata group was conducting due diligence of Jet Airways to buy the full-service carrier from its owner, Naresh Goyal.

Jet Airways, however, termed media reports of Tata group carrying out due diligence to acquire the airline as "speculative".

In a response to the clarification sought by BSE on the news reports, Jet Airways said, "...the subject news is speculative in nature and that there is no discussion or decision in the board which would require a disclosure...