Jet Airways shares thrust back losses despite opaque status on Etihad Airways deal

A remarkable reversal of fortune was seen in Jet shares after they fell 12% today.

After slumping over 12 per cent in morning trade,shares of Naresh Goyal’s Jet Airways today settled with gains of 1.56 per cent on BSE.

Meanwhile,the company today announced code share agreements with Air France,KLM Royal Dutch Airlines to enhance connectivity between Europe and India.

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Market analysts said the stock,which touched intra-day low of Rs 411.60,recovered some lost ground on bargain hunting by investors amid high volatility. At the end of today’s trading session,the shares were trading at Rs 476.50,higher by 1.56 per cent from the previous closing price.

Similar movement was witnessed on the National Stock Exchange where the stock ended the day 0.33 per cent up at Rs 471.95,after falling 12.61 per cent in intra-day trade.

The stock got hammered in early trade today after the Foreign Investment Promotion Board (FIPB) on Friday deferred a decision on Rs 2,000-crore Jet Airways,Etihad Airways deal and sought clarity on control and ownership.

Market regulator SEBI and competition watchdog CCI have already sought clarifications from the premier private carrier on its proposed transaction with Etihad,to ensure that Etihad’s ownership powers in Jet remains in line with its 24 per cent stake in the company’s equity capital.

The company has also said that they will comply with all the regulatory authorities.