Jet Airways shares plunge 11%, market capitalisation drops by Rs 484 cr

Written by PTI | Mumbai | Updated: Feb 27 2013, 00:03am hrs
Jet Airways shares today tanked more than 11 per cent, eroding Rs 484 crore from its market capitalisation amid concerns whether its stake-sale deal with Abu-Dhabi based carrier Etihad would materialise.

Jet shares opened weak and lost further ground to touch intra-day low of Rs 442.25 on the BSE, down 12.34 per cent from its last closing price. The scrip settled at Rs 448.45, down 11.12 per cent on BSE.

The company lost Rs 484 crore from its market worth that fell to Rs 3,871 crore, from Rs 4,355 crore in the previous trading session.

On the National Stock Exchange as well, the stock opened at Rs 505.70 and touched intra-day low of Rs 442.60, down 12.47 per cent from previous closing price.

At close, the stock was trading at Rs 450.20, down 10.97 per cent from its last closing price.

According to media reports, fresh hurdles have come up in the Jet-Etihad deal. There were also reports that the UAE -based carrier was seeking to revise a proposed deal with the Indian carrier.

Etihad has said the deal is being revised and might take some time to conclude. It is reported to be buying 24 per cent equity in Jet Airways for about Rs 1,800 crore.