Jet Airways falls as Tata Sons tamps down deal speculation


Shares in Jet Airways (India) Ltd. fell as much as 12.5 percent to 303.05 rupees on Monday, their biggest intraday percentage loss since Aug. 10, after Indian conglomerate Tata Sons ended speculation that a deal with the struggling carrier was imminent.

Tata said on Friday it is only in preliminary talks with Jet Airways and has not made a proposal to acquire a stake in the debt-laden airline. Reports of Tata Sons being close to buying a majority stake had sent Jet Airways’ shares higher last week.

The carrier is undertaking a review of its business to cut costs and boost revenues in order to stay afloat. The airline is seeking funds by raising equity and selling a stake in its loyalty programme.

The survival of 25-year-old Jet Airways, founded by entrepreneur Naresh Goyal, is crucial for a host of companies from which it leases over 100 of its fleet of 124 planes. The airline also has 225 Boeing Co 737 MAX jets on order. Read More

You may also read!

Pune Is In Dire Need Of A Full-fledged Airport

Ajinkya Firodia, the managing director at Kinetic Engineering, wears two hats. He also leads Motoroyale Kinetic — India’s

Read More...

Pilot Errors Behind Kolkata Airport Safety Concerns?

Two apparent pilot errors within a span of 36 hours at Kolkata airport have triggered safety concerns.

Read More...

Mumbai Airport Expansion Plan On Runway As State Rejigs Slum Rehab Formula

The state government has zeroed in on eight land parcels, totalling around 65 acres, on the airport’s western periphery

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu