Jet Airways nears three-month low, stock down 18% in six days

The stock has under performed the market by falling 18% in past six trading sessions on BSE compared to 1% fall in benchmark Sensex

Jet Airways is trading lower by around 4% to Rs 507, its lowest level since December 4, 2012 on reports that the Abhu-Dhabi based Etihad airlines putting in a series of fresh conditions to acquire stake in the company.

“Etihad Airways eyes higher stake of up to 49% (earlier the negotiations were on picking up a 24% stake) in the company along with a host of other new conditions,” the Business Standard report suggests.

“Apart from a higher stake, Etihad has asked for an appropriate number of members in the board in proportion to its shareholding. It wants both operational controls of the airlines as well as on its fleet acquisition plans,” added report.

The stock of Naresh Goyal promoted Jet Airways has under performed the market by falling 18% in past six trading sessions on BSE compared to 1% fall in benchmark Sensex.

Today, the stock opened at Rs 527 and hit a high of Rs 528 on BSE. A combined 1.83 million shares have changed hands on the counter so far on BSE and NSE.