Jet Airways faces turbulence for 2nd day, stock falls 3%
The carrier co-owns the loyalty rewards programme with Etihad Airways
By ETMarkets.com | Updated:
BCCL
NEW DELHI: Shares of Jet Airways declined over 3 per cent on Wednesday after the airline finalised boutique investment bank Moelis & Co to manage a stake sale in the loyalty rewards programme.
The carrier co-owns the loyalty rewards programme with Etihad Airways, said two people close to the development.
The airline is in advanced talks with private equity firms TPG Capital and Blackstone for the sale and will zero in on one of them shortly, said one of the persons cited above.
The scrip declined 3.14 per cent to hit a low of Rs 263.55 on the BSE. This was in addition to 4.56 per cent drop seen at the counter on Tuesday.
The stock also declined on reports that the cash-strapped private carrier has put 25 lakh seats up for grabs at almost one-third of the normal fares for travel across its domestic and international network under a limited period offer.
The carrier co-owns the loyalty rewards programme with Etihad Airways, said two people close to the development.
The airline is in advanced talks with private equity firms TPG Capital and Blackstone for the sale and will zero in on one of them shortly, said one of the persons cited above.
The scrip declined 3.14 per cent to hit a low of Rs 263.55 on the BSE. This was in addition to 4.56 per cent drop seen at the counter on Tuesday.
The stock also declined on reports that the cash-strapped private carrier has put 25 lakh seats up for grabs at almost one-third of the normal fares for travel across its domestic and international network under a limited period offer.
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