Jet Airways Stock Rose For Third Consecutive Day After  Hinduja Group Indicates Interest To Buy StakeJet Airways aircraft (Prasad Gori/Hindustan Times via Getty Images)

Shares of the grounded Jet Airways saw a hike of over 8 per cent after the Hinduja Group expressed interest to invest in the now-grounded airline, reports Firstpost.

The airline's shares rose by over 8.59 per cent in BSE to Rs 163.70. In the meantime, the stock gained 8.61 per cent to Rs 163.85 on the National Stock Exchange(NSE).

The carrier shut down its operations on 17 April as the lenders led by SBI, refused to induct more funds to revive the airline.

The lenders have called for bids from investors to purchase a stake in the airline carries a debt burden of more than Rs 8,000 crores.

The shares of Jet Airways saw an upward trend for the third consecutive session. On Tuesday, the scrip closed with 14.73 per cent gains at Rs 150.75, while on Monday, it rose 5.88 per cent to settle at Rs 131.40 on the BSE.

The Hinduja Group is reported to be planning to initiate the bidding process for the grounded airline. The group is about to talk with Etihad Airways to explore ways to revive the cash-starved airline.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement