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Shares of Jet Airways today surged 8 per cent in early trade after the Rs 2,058 crore-deal under which Abu Dhabi-based Etihad will hold 24 per cent stake in the domestic carrier got the approval of FIPB with major riders to maintain effective Indian control over the airline.
Cheering the move that was announced after the market hours yesterday, shares of Jet Airways opened the day on a positive note and as the trade progressed, it further gained 7.95 per cent to Rs 445 on the BSE.
At the NSE, the stock zoomed by 8 per cent to Rs 444.
However, later the scrip pared most of its gain on profit-booking and was trading down 1.53 per cent at Rs 4052.30 on the BSE at 12.30 p.m.
Over the past two trading sessions, Jet Air shares have gained 22.38 per cent.
Under the conditions set by FIPB, Jet will have to seek prior government approval to make any changes in the Shareholders Agreement with Etihad or any change in shareholding of the company.
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