Jet Airways Gains On Reports Of Stake Sale

December 4, 2012

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Shares in India's Jet Airways rose over 7 percent in early trade on reports that it may sell a stake to Etihad Airways.

The Business Standard newspaper reported, citing a government official, that Jet might raise INR16 billion rupees (USD$292.64 million) from the sale of 24 percent stake to Etihad. Etihad's chief executive said on Tuesday the was in talks with Indian carriers.

"We're involved in negotiations in India," James Hogan said in an interview broadcast on Bloomberg-UTV news channel. He declined to give details.

Jet Airways stock has risen 65.3 percent since the start of November, on speculation a shareholder is looking to sell a stake.

Shares in other carriers such as SpiceJet rose 4 percent, while Kingfisher gained 3 percent.