Jet Airways shares surge 20% on Etihad Airways stake sale report

Written by Reuters | New Delhi | Updated: Feb 27 2013, 19:04pm hrs
Jet AirwaysJet Airways shares surge 20% on Etihad Airways stake sale report (REUTERS)
Jet Airways shares surged as much as 19.7 percent on Wednesday after TV channel reported Etihad Airways is close to a deal to purchase a 24 percent stake in the Indian carrier, citing unidentified sources.

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 17.8 percent as of 0749 GMT.