Jet Airways (India) jumped 3.55% to Rs 271 at 11:56 IST on BSE on bargain hunting after the stock tumbled 12.61% in the preceding four trading sessions to Rs 261.70 on 16 December 2013 from a recent high of Rs 299.45 on 10 December 2013.
Meanwhile, the BSE Sensex was up 95.76 points, or 0.46%, to 20,755.28.
On BSE, so far 3.90 lakh shares were traded in the counter, compared with an average volume of 4.99 lakh shares in the past one quarter.
The stock hit a high of Rs 277 and a low of Rs 261 so far during the day. The stock hit a 52-week high of Rs 688.60 on 25 April 2013. The stock hit a 52-week low of Rs 260.35 on 16 December 2013.
The stock had underperformed the market over the past one month till 16 December 2013, sliding 19.39% compared with the Sensex's 1.28% rise. The scrip had also underperformed the market in past one quarter, falling 29.45% as against Sensex's 4.65% rise.
The small-cap company has an equity capital of Rs 113.60 crore. Face value per share is Rs 10.
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The recent selling in shares of Jet Airways was triggered by media reports that fair trade watchdog the Competition Commission of India (CCI) is seeking explanations from Jet Airways and Etihad to ascertain whether they failed to provide information on certain commercial pacts that could raise anti-competition concerns.
The deal, involving Abu Dhabi carrier Etihad's purchase of 24% stake in Naresh Goyal-led Jet Airways, was approved last month by CCI.
Meanwhile, Air India's former executive director, Jitender Bhargava, has reportedly appealed against the CCI's clearance to the deal, arguing the latter failed to assess how it would curb competition.
Separately, Bharatiya Janata Party Member of Parliament Subramanian Swamy, who has filed a suit against increased traffic rights to Abu Dhabi, has reportedly demanded capital market regulator, the Securities and Exchange Board of India (Sebi), to consider the Jet-Etihad deal null and void till Etihad announces an open offer, media reports suggested.
Jet Airways and Etihad Airways, the national carrier of the United Arab Emirates, on 20 November 2013, announced that both airlines closed the transaction for the subscription of a 24% equity stake by Etihad Airways in Jet Airways. All requisite Indian regulatory approvals had been obtained by 12 November 2013. Jet Airways has on 20 November 2013, issued and allotted 2.7 crore shares of a face value of Rs 10 each at a price of Rs. 754.7361607 per equity share on a preferential basis to Etihad Airways.
Consequent to the above allotment, the paid up share capital of Jet Airways stands increased to 11.35 crore shares of Rs 10 each. Following this issue and allotment of the said equity shares on a preferential basis to Etihad Airways, Etihad Airways holds 24% of the post issue paid up share capital of Jet Airways (on a fully diluted basis).
Jet Airways (India) posted a net loss of Rs 891.01 crore in Q2 September 2013, higher than net loss of Rs 99.67 crore in Q2 September 2012. Total income rose 1.74% to Rs 4267.77 crore in Q2 September 2013 over Q2 September 2012.
Jet Airways currently operates a fleet of 113 aircraft, which include 10 Boeing 777-300 ER aircraft, 10 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 72 next generations Boeing 737-700/800/900/900 ER aircraft and 15 ATR 72-500 and 2 ATR72-600. With an average fleet age of 5.19 years, the airline has one of the youngest fleet of aircraft in the world. Flights to 76 destinations span the length and breadth of India and beyond, including Abu Dhabi, Bahrain, Bangkok, Brussels, Colombo, Dammam, Dhaka, Doha, Dubai, Hong Kong, Jeddah, Kathmandu, Kuwait, London (Heathrow), Muscat, New York (Newark), Riyadh, Sharjah, Singapore and Toronto.
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