Jet Airways recovers on value buying

The stock had corrected from Rs 300 levels on enquiry from CCI on the deal with Etihad

Shares of Jet Airways stage a recovery today and were up 3% at Rs 270 on value buying at lower levels after correcting from Rs 300 levels in the past few sessions.

The stock had corrected amid reports that fair trade watchdog the Competition Commission of India (CCI) has sought explanations from Jet Airways and Etihad Airways to ascertain whether they failed to provide information on certain commercial pacts that could raise anti-competition concerns.

Last month, the CCI approved the deal, involving Abu Dhabi carrier Etihad Airways' purchase of 24% stake in Naresh Goyal-led Jet Airways for Rs 2,060 crore.

Over 1.6 million shares were traded so far on both the stock exchanges.