Jet Airways denies rumors of Etihad stake increase

jet-etihadJet Airways, one of India’s top three airlines, denied rumors of its foreign partner Etihad Airways, approaching the government for permission to increase its stake in the Indian airline.

“With reference to news item appearing in leading newspaper dated June 24, 2015 titled, “We would like to state that certain media reports about Etihad Airways approaching the Government of India seeking to raise its stake in Jet Airways are entirely incorrect,” the airline said.

This was in response to news articles stating that Jet Airways shares are rising as Etihad is reportedly seeking to raise stake.

Jet Airways shares rose for the second day today even though Etihad had already made a statement before trading today that it had no plans to increase its 24% stake in the Indian airline.

The news reported by Bloomberg TV, citing government officials.

The Indian aviation sector is seeing extreme competition, with many players willing to cash out of the market after suffering losses for years.