Jet Airways shares crashed to record lows on Tuesday, after a report that Hinduja Group and Etihad Airways may not invest in the cash-strapped airline which was forced to stop all flight operations nearly two months back.
Middle Eastern carrier Etihad, which owns an about 24 per cent stake in Jet Airways, had submitted a bid for the grounded airline last month, while family-run Hinduja Group was said to be considering putting in an offer.
According to reports Hinduja had decided to halt negotiations for buying a stake in Jet Airways while Etihad had put its plan on hold to invest further.
Promoters of Hinduja expressed concerns over ongoing government investigations into Jet Airways and insolvency pleas submitted by its creditors, Mint reported, citing a source familiar with the matter.
Jet Airways and Hinduja did not comment on the matter, while Etihad, and SBI Capital Markets, the unit of State Bank of India (SBI) overseeing the sale of the stricken carrier, were not immediately available for comment.
Jet Airways shares, which had shed nearly 69 per cent in one year as of Monday’s close, slumped as much as 14.8 per cent to an all-time low of Rs.106.3.