Jet Airways tanks over 12% after Etihad approval deferred

Shares of Mumbai-based Jet Airways plunged over 12 per cent in early trade on Bombay Stock Exchange (BSE) ahead of Foreign Investment Promotion Board deferred clearance of the Etihad's proposal to buy a 24% stake in the domestic airline.

The FIPB on Friday deferred approval to the Rs 2,060-crore Jet Airways-Etihad deal, wanting more clarity on management control following equity infusion by the Gulf airline.

Weighed down by development, shares of company declined as much 12.27 per cent to trade at Rs 411.60 a piece on the BSE.

In a similar fashion, shares of the company were trading at 430.40 a piece, down 8.50 per cent on the National Stock Exchange (NSE).

Meanwhile, the broader benchmark Sensex was quoting at 19,168.58, down 9.35 points or 0.05 per cent at 9:53 hours.

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Story first published: Monday, June 17, 2013, 12:35 [IST]
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