Shares in Jet Airways plunged 10 per cent on Monday after the Foreign Investment Promotion Board (FIPB) deferred a decision on Gulf carrier Etihad Airways' planned 24 per cent stake buy in Jet Airways on Friday.
Jet shares traded 10 per cent lower at Rs 423.50 as of 09.16 a.m. against a flat start in broader markets. (Track stock)
FIPB has sought more details on "effective control" and ownership, economic affairs secretary Arvind Mayaram said on Friday.
After the FIPB, which clears foreign direct investment proposals, the deal will also need approval from the cabinet committee on economic affairs.
Abu Dhabi's Etihad agreed in April to acquire a 24 percent stake in Jet for $370 million, giving it a bigger foothold in the fast-growing Indian market.
(With inputs from Reuters)
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