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Jet Airways tanks as FIPB defers Etihad's deal

FIPB wanting more clarity on management control following equity infusion by the Gulf airline.

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SI Reporter Mumbai
Jet Airways (India) has tanked 12% to Rs 412 in opening deals on BSE as the government deferred clearance of the Etihad's proposal to buy a 24% stake in the domestic airline.

The stock opened at Rs 430 and has seen a combined around one million shares changing hands on the counter on BSE and NSE.

The Foreign Investment Promotion Board (FIPB) on Friday deferred approval to the Rs 2,060-crore Jet Airways-Etihad deal, wanting more clarity on management control following equity infusion by the Gulf airline, media report suggests.

FIPB's decision to postpone a decision comes in the wake of Securities and Exchange Board of India's (Sebi) concerns on substantial management rights going to Etihad under the deal.
 

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First Published: Jun 17 2013 | 9:16 AM IST

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