Jet Airways gains for second day on reports of stake sale to Etihad
MUMBAI Dec 4 (Reuters) - Shares in India's Jet Airways rose over 7 percent in early trade on reports that it may sell stake to Etihad Airways.
The Business Standard newspaper reported, citing a government official, that Jet might raise 16 billion rupees ($292.64 million) from the sale of 24 percent stake to Etihad Airways. link.reuters.com/jyn44t
Etihad's chief executive officer said on Tuesday the Abu Dhabi-based airline was in talks with Indian airlines.
"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 has risen 65.3 percent since the start of November, as of Monday's close, on speculation that promoter shareholder is looking to sell a stake.
Shares in other carriers such as SpiceJet rose 4 percent, while Kingfisher Airlines gained 3 percent. ($1 = 54.6750 Indian rupees) (Reporting by Abhishek Vishnoi; Editing by Jijo Jacob)
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India's battle with inflation and weak economic growth became more challenging on Thursday with a sharp spike in the cost of food driving the highest retail price rises on record and a worse-than-anticipated contraction in industrial production. Full Article