Jet Airways hits an air pocket

Jet Airways seems to have hit an air pocket. The stock which has closed yesterday at Rs.462, opened today lower at Rs.442 and went to an intra day low at Rs.438 and though it has recovered from this low, it is currently at Rs.453, down 2.7%.

The stock is in the red today as the much awaited meet on FDI happened yesterday though no headway was made in Jet-Etihad deal. In fact it seems to have hit a new roadblock with the Prime Minister's Office (PMO) asking the civil aviation ministry to bring the proposal for discussion in the Union Cabinet.  The PMO’s office has stated that all the issues which had been red tagged by SEBI, FIPB and the ministries will now need to be discussed in the Cabinet. This means that the deal will now take more time and this continuing uncertainty has hit the marketmen on the counter.