Mumbai: Shares of Jet Airways slid, Monday, amid reports that Abu Dhabi-based airline Etihad wanted to revise its deal to buy a stake in India’s biggest private carrier.
Last month, Jet Airways announced it was in discussions with Etihad Airways.
But at the weekend, Etihad Airways chairman, Sheikh Hamed bin Zayed al-Nahayan, was reported to have said the Gulf carrier needs to revise its planned agreement to buy a stake in Jet Airways and it was too early to say when a deal would be struck.Shares in Jet Airways plunged nearly 9% before clawing back some of their losses to close down 7.7% at 570.75 rupees.
Several Indian airlines have been in talks with foreign carriers after the government last year opened up the aviation sector further to allow non-Indian airlines to invest in their counterparts in the country.
Indian carriers need money to fund expansion and cut debt after years of losses caused by intense fare battles and rising fuel costs.
19/02/13 AFP/TRweekly
