Jet Airways scrip hits air pocket after rise

Shares of Jet Airways reversed their initial gains and settled with a loss of over 5 per cent following heavy profit-booking by market participants. After surging over 6 per cent during the day, the stock lost ground and finally ended at Rs 527.15, down 5.17 per cent from their previous close on the BSE.

At NSE, the stock closed 4.45 per cent lower at Rs 530. Intra-day, the scrip had touched its 52-week high of Rs 594. "After all the speculation of stake sale profit booking emerged at the counter which dragged down the stock," Kishor Ostwal, CNI Research, CMD said. The stock has rallied over 50 per cent last month on the stake sale speculation.

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Market experts said the uptick in the counter was largely on the back of stake sale report regarding the airlines. Media reports had earlier said Jet may strike a deal with UAE's Etihad, although there have been on official word on the same.