Jet Airways shares pare early gains,down over 1 pct

At the National Stock Exchange,shares closed down by 1.19 per cent at Rs 382.

Written by PTI | Mumbai | Published:October 4, 2013 7:47 pm

Surrendering its early gains,Jet Airways closed with losses of over 1 per cent on the National Stock Exchange due to profit booking in an overall flat market today.

At the National Stock Exchange,shares closed down by 1.19 per cent at Rs 382.

On the BSE,the stock had surged by 7.26 per cent to Rs 414.70 in early trade,but finally ended the day at Rs 384.50,down 0.54 per cent.

On the volume front,16.16 lakh shares of the company changed hands on the BSE,while more than 69 lakh shares were traded on the NSE during the day.

Paving the way for the biggest ever foreign investment in India’s aviation sector,the Union Cabinet last night cleared Jet Airways’ proposed sale of 24 per cent equity to Etihad,days after the Rs 2,058 crore deal got regulatory clearances.

The proposal was of Etihad to subscribe 27,263,372 Jet shares of Rs 10 each,amounting to 24 per cent of post-issue paid-up equity share capital for Rs 2,057.66 crore.

The FIPB had cleared the deal on July 29 with some major riders to maintain effective Indian control over the airline after the stake sale to Etihad.

In the broader market,the BSE benchmark Sensex ended the day on a flat note at 19,915.95,up 13.88 points.

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