Jet Airways shares extend fall; down over 3%

MUMBAI: Extending fall for the second day, shares of Jet Airways today fell over 3 per cent after the Supreme Court sought response from the Centre on a petition filed by BJP leader Subramanian Swamy seeking a stay on the Etihad Airways deal.

Shares of Jet settled for the day 3.06 per cent lower at Rs 345.70 on the BSE. During the day, the scrip lost 3.58 per cent to Rs 343.8.

At the NSE, the stock closed the day 3.11 per cent lower at Rs 346.

The apex court issued notices to the Centre, ministries and departments concerned as well as Jet Airways and UAE's Etihad on the petition challenging the deal and sought their responses within four weeks.

The nine respondents to whom notices have been issued are the Centre, the Ministry of Finance, the Ministry of Commerce, the Ministry of External Affairs, Foreign Investment Promotion Board ( FIPB), Department of Industrial Policy and Promotion, Directorate General of Civil Aviation ( DGCA), Jet Airways and and Etihad Airways.

In the first-ever investment by a foreign airline in an Indian carrier, Jet Airways had on April 24 announced plans to sell 24 per cent equity to Etihad Airways for about Rs 2,058 crore, as part of a strategic alliance that would lead to a major expansion in their global network.