Shares of Jet Airways (India) Ltd flew into turbulence, falling by about 7 per cent before making a pull back following reports that the PMO wants the Jet Airways-Etihad deal to go to the Union Cabinet for discussion.
The stock has come off sharply from its 52 week high, shedding about 40 per cent since the deal was announced in April.
Jet Airways shares were trading at Rs 453.35, down by Rs 11.20 at arount 9.50 a.m. with a huge trading volume of 3.93 lakh shares on the NSE. The stock, which had closed at Rs 464.55 yesterday, crashed to a low of Rs 435.15 today on the NSE before making a recovery.
Jet Airways shares that touched a 52 week high of Rs 687 on April 25 after the deal was announced have dived to the current levels due to various reasons including objections because of fears that Air India would lose heavily due to grant of more flying rights to the Gulf airline and that Delhi airport may be dislodged from its perch as a prime hub for airline travel by Abu Dhabi.