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Jet Airways Tumbles 11% After Etihad Airways Offer Seen As Non-Binding
In morning trade on Monday, the share of troubled Jet Airways shed as much as 11% after media reports said that the offer from Etihad is non-binding and may not rescue the debt laden Indian air-carrier.
On Friday, Etihad placed a bid for the air-carrier, said SBI that is overseeing the sale of Jet Airways. Etihad holds 24% stake in the airline company. The bid provided a sense of relief that the air-carrier might come out of the trouble, which has $1.2 billion in bank debt.
Today, Etihad sought commitment from financial entities in respect of additional loans as and when it infuses funds into the company.
The company heavily sagged with debt suspended all its flight temporarily from April 17.
After hitting an intra-day low of Rs. 135.05 on the BSE, Jet Airways was down by 5.01% at RS. 144.20.
