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Jet stocks shoot-up 16% amidst reports of rescue deal with Etihad

IANS  |  Mumbai 

Troubled Jet Airways' shot up by more than 16 per cent on Monday amidst reports that a rescue deal has been sealed between the cash-strapped and its partner,

At present, UAE's has a 24 per cent stake in the beleaguered

On the BSE, the airline's stock shot-up by 16.13 per cent or Rs 40.90 to Rs 294.40 a piece from its previous close of Rs 253.50. The touched an intra-day high of 17.1 per cent on Monday.

Accordingly, the rose as investors eyed a rescue deal being finalised between Jet and Etihad.

It is speculated that the deal will allow Etihad to increase its stake in the from the current 24 per cent to 49 per cent. On the flip side, Jet's Naresh Goyal's stake will come down.

Currently, the faces financial troubles due to high jet fuel prices, a weak rupee and low fares.

The airline had earlier said that it has so far not been able to secure sustainable financing to navigate through current headwinds and is in "active discussions" with various investors.

On November 16, Tata Sons, the holding company of the firms, said that discussions on acquiring a stake in the financially-troubled airline were at a preliminary stage and that no such proposal has been made so far.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 14 2019. 20:10 IST
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