Jet Airways shares zoom 26% amid reports of Tata Group buying controlling stake in cash-strapped airline

After a positive opening on the BSE, shares of Jet Airways soared 24.52 percent to close at Rs 320.95. During the trading hours, the stock had touched a high of Rs 334.9 and a low of Rs 264

Press Trust of India November 15, 2018 18:36:54 IST
Jet Airways shares zoom 26% amid reports of Tata Group buying controlling stake in cash-strapped airline

New Delhi: Shares of Jet Airways Thursday zoomed up to 26 percent on bourses amid reports that Tata Group was in talks to buy a controlling stake in the cash-strapped airline.

After a positive opening on the BSE, shares of the company soared 24.52 percent to close at Rs 320.95. During the trading hours, the stock had touched a high of Rs 334.9 and a low of Rs 264.

On the NSE, the shares of airline firm went up by as much as 26.41 percent to settle at Rs 326.

Jet Airways shares zoom 26 amid reports of Tata Group buying controlling stake in cashstrapped airline

Representational image. Reuters

The stock has risen in the last four trading sessions gaining over 32 percent on the bourses.

While the shares of struggling carrier ended on a positive note Thursday, shares of SpiceJet and InterGlobe Aviation fell by 0.9 and 0.51 per cent respectively, on the BSE.

A section of media reported that Tata group was conducting due diligence of Jet Airways to buy the full-service carrier from its owner, Naresh Goyal.

Jet Airways, however, termed media reports of Tata group carrying out due diligence to acquire the airline as "speculative".

In a response to the clarification sought by the BSE on the news reports, Jet Airways (India) said, "...the subject news is speculative in nature and that there is no discussion or decision in the board which would require a disclosure..."

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