India’s Jet Airways slumps following Etihad bid report:
Shares of Jet Airways Ltd. fell as much as 11.4 percent on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier.
Etihad, which owns a stake of about 24 percent in Jet, submitted a bid for the airline, representatives of the State Bank of India (SBI) unit overseeing the sale of the stricken carrier said on Friday.
That had raised hopes of a bailout for cash-strapped Jet, which has about $1.2 billion in bank debt.
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