Jet ends 17 per cent up on Etihad deal nod speculation

Mumbai:  Shares in Jet Airways ended 17.4 per cent higher on Friday after traders said the Foreign Investment Promotion Board (FIPB) was likely to approve a planned stake sale to Etihad Airways.

Jet Airways and Etihad Airways officials were not immediately reachable for comment on the market speculation.

A spokesman for the Finance Ministry, which oversees FIPB, declined to comment.

(Also read:Etihad agrees to cut number of directors on Jet board, says report)

The FIPB, which clears foreign direct investment (FDI) proposals, is scheduled to consider the Jet-Etihad deal at its meeting on Monday and traders said it may be approved.

The FIPB last month deferred a decision on Jet's plan to sell a 24 per cent stake to Etihad.

Copyright: Thomson Reuters 2013