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Shares of Jet Airways surged nearly 14 per cent today after ICRA upgraded the rating of Rs 3,210-crore loan facility given to the company based on improvement in cash flows.
Jet Airways’s stock went up 13.78 per cent to Rs 305.40 on the BSE. On the NSE, the scrip soared 13.46 per cent to Rs 305.10.
The rating agency has upgraded the long-term rating assigned to the Rs 3,210 crore, fund-based bank facility of Jet Airways to [ICRA]BB from [ICRA]C, a statement had said yesterday.
“The rating upgrade takes into account improvement in the liquidity and credit profile of the company, arising from improved operating performance as well as support from its strategic partner, Etihad Airways PJSC,” it said.
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