Stocks

Jet Airways shares climb on hopes of new saviour

Reuters May 10 | Updated on May 10, 2019 Published on May 10, 2019

 

Jet Airways Ltd shares on Wednesday moved up as much as 7.1 per cent to ₹157.90 after a report that London-based Adi Partners has made a binding bid for the ailing carrier. According to media reports, AdiGro Aviation, part of investment advisory firm Adi Partners, submitted a binding bid to buy stake in Jet. It also said the bidder is open to partnering with Etihad Airways.

Jet Airways, which competes with InterGlobe Aviation's IndiGo and Spicejet, grounded all operations last month after it failed to get stop-gap loan of $217 million from the lenders.

The company’s shares down were down 47 per cent so far this year.

None of the companies immediately responded to Reuters' request for comments.

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Published on May 10, 2019
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