Jet Airways surges as report says Eithad nears stake buy

NEW DELHI (Reuters) - Shares in Jet Airways surged as much as 19.7 percent on Wednesday after TV channel ET Now reported Etihad Airways is close to a deal to purchase a 24 percent stake in the Indian carrier, citing unidentified sources.

ET Now reported Abu Dhabi's Etihad has already paid a "token" amount of $70 million, and will likely pay $400 million in the first tranche of the deal, the channel reported.

Jet shares were up 17.7 percent as of 1:22 p.m.

(Reporting by Anurag Kotoky; Editing by Rafael Nam)