Jet Airways soars 8% as Rakesh Jhunjhunwala buys stake

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26 Aug, 2025 12:21

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Shares of Jet Airways soared 8 percent intraday on Monday after it got itself a new maverick investor. Ace investor Rakesh Jhunjhunwala purchased 1.05 percent stake in the airline company for Rs 50.52 crore through an open market transaction. Jet Airways had gained 11 percent on Friday.

According to the bulk deals data available with NSE, Jhunjhunwala's RARE Enterprises acquired 11,95,000 shares or 1.05 percent stake in the private airline.

The shares were bought at an average price of Rs 422.76, valuing the transaction at Rs 50.52 crore.

However,  sellers of the shares could not be ascertained immediately.Earlier, Jhunjhunwala picked up a substantial number of shares in the Initial Public Offering (IPO) of InterGlobe Aviation, which runs low cost airline Indigo. Last year, he had also purchased shares in another aviation company SpiceJet.During the July-September quarter, Jet Airways posted a consolidated net profit of Rs 83 crore, against a net loss of Rs 42.8 crore a year ago, helped by healthy growth in passenger traffic coupled with improved aircraft utilisation by the airline. Also, total sales grew to Rs 5,504 crore during the quarter under review as compared to Rs 5,092 crore in the same period last year.At 10:54 hrs Jet Airways was quoting at Rs 468.25, up Rs 31.55, or 7.22 percent on the BSE.(With inputs from PTI)