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Jet Airways sinks 14% on report of halt in Hinduja, Etihad's revival plans

SI Reporter/New Delhi 11 Jun 19 | 10:26 AM

Shares of Jet Airways (India) tumbled 14 per cent to Rs 107, also its new low on the BSE in the morning deals on Tuesday after a media report said that both Hinduja group and Etihad Airways may not proceed with plans to resurrect the beleagured airline.

In past two weeks, the stock tanked 30 per cent, as compared to 1 per cent rise in the S&P BSE Sensex.

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The 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, Mint said, quoting "two people familiar with the matter".

According to the report, the ongoing government investigations and recent insolvency pleas submitted by operational creditors at the National Company Law tribunal (NCLT) against Jet Airways were the chief deterrants.

The Mumbai bench of the NCLT on Monday decided to hear two separate petitions filed by operational creditors -- Shaman Wheels and Gaggar Enterprises -- of Jet Airways on June 13.

The bench said the court would serve a notice to Jet Airways.

Earlier, Business Standard had reported that the Hinduja group has sought an assurance from the union government that the investigation linked to the Naresh Goyal-led airline would be fast-tracked so that the potential of its aviation business is not hampered once it decides to invest. READ MORE

At 11:06, it was trading 9 per cent lower at Rs 114 against 0.24 per cent gain in the benchmark index. The trading volumes on the counter nearly doubled with a combined 11 million shares changed hands on the NSE and BSE so far.

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