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Jet plunges 13% as Hinduja, Etihad unlikely to rescue airline

NEW DELHI: Shares of Jet Airways (India) plunged almost 13 p..

NEW DELHI: Shares of Jet Airways (India) plunged almost 13 per cent to its fresh 52-week low at Rs 109.35 in Tuesday's session and looked on course to extend their losing streak into the seventh consecutive session.

Shares of the beleaguered airline extended fall after media reports suggested that the hopes of the company's revival look remote.

Mint reported this morning that Hinduja Group and Etihad Airways PJSC may not proceed with plans to resurrect Jet Airways which is seen as a major setback to the lenders' revival or sale plan of the grounded airline.

The report added, quoting people familiar with the matter, that the London-based Hinduja Group has decided to halt negotiations to buy a stake in Jet Airways, while Etihad Airways of Abu Dhabi has put on hold a plan to add more investments in the Mumbai-based airline.

Additionally, two operational creditors of Jet –Shaman Wheels and Gaggar Enterprises – on Read More – Source

ET Markets