Jet shares recover some ground after 13% plunge,ends 3%pc down
After plunging over 13 per cent in early trade on worries over its stake sale deal with Etihad, shares of Jet Airways today pared losses to end nearly 3 per cent down on good buying at low levels.
According to media reports, the Jet-Etihad deal has run into rough weather due to certain disputes over investment protection and management control. Reacting to these reports, Jet plunged over 13 per cent intra-day.
Shares of the company tumbled 13.33 per cent to Rs 498 during the day on the BSE but, later recouped substantial portion of the losses to end 2.70 per cent down at Rs 559.15.
At NSE, the scrip settled with a loss of 2.17 per cent at Rs 563.30. Intra-day, the stock nosedived 13.57 per cent to Rs 497.65.
Following the decline in the share price, the market capitalisation of the carrier fell by Rs 134 crore to Rs 4,827 crore.
Etihad is reported to be buying 24 per cent equity in Jet Airways for about Rs 1,800 crore.
In the stock market, the BSE barometer Sensex closed at 19,293.2, down 134.36 points.
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