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Jet Airways stock fell to Rs 437.50 or by over 5 per cent in intra-day trade today against Tuesday's close. The stock has since recovered from the day's lows.
The fall was triggered by news of promoter Naresh Goyal having pledged his entire 51 per cent stake with Punjab National Bank .
At 2.34 pm, the Jet Airways shares were trading down 0.48 per cent or Rs 2.25 at Rs 462.
The stock had hit its 52-week high of Rs 471.25 on January 13, 2015.
The airline had in a regulatory filing on Tuesday said that Goyal has pledged his entire 57,933,665 shares constituting 51 per cent holding in the airline effective January 8 to PNB with a “non-disposal undertaking“.
The reason for pledging of shares was not disclosed.
Jet Airways has gained 16 per cent so far in 2015 vs NSE index’s 0.3 per cent rise.
The scrip trades at 16.95x of 1-year forward earnings vs 10.8x of rivals.
UAE-based Etihad holds 24 per cent stake in Jet Airways.
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