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Jet Airways up 15% in two days amid reports Tata Group to buy 51% stake

SI Reporter/Mumbai 06 Nov 18 | 01:22 PM

Shares of Jet Airways (India) moved higher by 5% to Rs 264 on Tuesday, extending its Monday’s 10% surge on the BSE, after the media reports suggest that Tata Group is in talks to buy a majority stake in beleaguered carrier and its loyalty programme.

Tata Group aims to buy the 51% stake in the airline owned by Jet Airways founder, Naresh Goyal, and Etihad Airways' 24% stake; the Reuters report suggested. CLICK HERE TO READ FULL REPORT

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However, replying to the clarification sought by the BSE with reference to news appeared in dated November 05, 2018 quoting "Jet Airways soars 8% on report of Tata Group, co initiating second round of talks", the company said the subject news is speculative in nature and that there is no discussion or decision in the board which would require a disclosure.

Meanwhile, the company also informed the exchanges that the board of directors of the company will meet on November 12, 2018, to approve the unaudited financial results for the second quarter and half year ended September 30, 2018.

The stock was trading at its highest level since September 19, 2018. Since October 3, Jet Airways has outperformed the market by surging 53% from Rs 172, as compared to 3.8% decline in the S&P BSE Sensex. In the calendar year 2018, it has underperformed the market by falling 79% against 7% rise in the benchmark index till October 1.

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