Jet Airways shares jump over 8% after Hinduja Group stake buy buzz; scrip up for third straight session

New Delhi: Shares of grounded Jet Airways advanced over 8 percent in early trade on Wednesday after the diversified Hinduja Group said it is evaluating the opportunity to invest in the airline. On the BSE, the airline’s scrip rose 8.59 percent to Rs 163.70. The stock gained 8.61 percent to Rs 163.85, on the NSE. [caption id=“attachment_94955” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] “Hinduja Group is evaluating the Jet Airways opportunity,” the group said in a statement Tuesday. The grounded carrier shuttered its operations on April 17 and the lenders, led by SBI, are still scouting for investors to revive the airline, which has a debt burden of more than Rs 8,000 crore. Shares of Jet Airways have risen for the third consecutive session. On Tuesday, the scrip closed with 14.73 percent gains at Rs 150.75, while on Monday, it rose 5.88 percent to settle at Rs 131.40 on the BSE. There were reports that Hinduja Group is reportedly planning to initiate the bidding process for the temporarily grounded airline. Moreover, the business group and Etihad Airways are expected to meet this week to explore ways to revive the cash-starved airline. The Hinduja Group reportedly received the approval of the major stakeholders of Jet Airways such as its founder Naresh Goyal and Etihad Airways to go ahead with the bidding process. While the State Bank of India-led (SBI) lenders’ consortium is still working on ways to revive the once-storied Jet Airways, the civil aviation ministry has already awarded the carrier’s slots at various airports to other airlines on a temporary basis. Last week, there were reports that lenders to Jet Airways and Etihad Airways had reportedly reached out to Hinduja Group offering a stake in the grounded airline. — With PTI inputs