Jet Airways Surges 26% On Reports Of Tata Pursuing Controlling Stake
Jet Airways shares jumped as much as 29.93 per cent on the Bombay Stock Exchange (BSE), before closing 24.52 per cent or Rs 63.20 higher at 320.95, on Thursday. The surge in Jet Airways share price came after reports emerged that Tata Sons is in pursuit of a controlling stake in the debt-laden carrier. Jet Airways share price rose by as much as Rs 77.15 to touch Rs 334.90 at the day's strongest point, from the previous close of Rs 257.75.
On the National Stock Exchange (NSE), Jet Airways shares closed at Rs 326 apiece, a rise of Rs 68.10 or 26.41 per cent against a 0.38 per cent rise in benchmark index Nifty. Jet Airways share price surged by as much as Rs 77.1 to touch an intraday high of Rs 335 on the NSE, from their previous day's close of Rs 257.90.
On Wednesday, news agency Reuters, citing people aware of the talks, reported that Tata is weighing up the economic viability of a deal which would make it Jet Airways' decision-maker, necessitating the departure of the airline's founder, Naresh Goyal. "There are compelling reasons but any deal with Jet is opportunistic," one of the people said. "Tata needs to see if it fits into its overall aviation strategy."
Tata Sons is the holding company for Tata Group which already has two aviation ventures in India - Vistara with Singapore Airlines, and AirAsia India with Malaysian carrier AirAsia Group. Jet Airways chairman Mr Goyal is the majority owner of the airline in which Etihad Airlines also owns a stake. The struggling airline has also not been able to pay salaries to the employees on time.
Earlier, Jet Airways posted its third straight quarterly loss at Rs 1,297 crore for the quarter that ended September.
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