Jet Airways up 8% as Tata deal buzz gets louder

Shares of Jet Airways flew higher early Friday, jumping 8 per cent on media reports that the debt-laden airline is close to a deal with Indian conglomerate Tata Sons.

The stock was 8.01 per cent up at Rs 346.65 at around 10.53 am while the benchmark BSE Sensex firmed up 0.57 per cent at 35,463.

According to media reports, the board of Tata Sons is in the midst of a meeting to vet a proposal to buy out the cash-strapped Jet Airways, which sent its share prices soaring over 26 per cent on Thursday.


The airline had posted its third consecutive quarterly loss on Monday, saying it's undertaking a review of its business to cut costs and boost revenues in order to stay afloat. It's seeking funds by raising equity and selling a stake in its loyalty programme.

Meanwhile, the stock opened at Rs 320 on the BSE against its previous close of Rs 320.95.