Jet Airways which had hit a new 52-week high yesterday at Rs.471.25 is today down in the red. The stock opened some Rs.14 lower, going down to Rs.437.50. It has recovered since then and is now at Rs.453, down 2.5%.

The turnaround in the moods on the counter was after the company stated that its promoter, Naresh Goyal has pledged his entire 51% stake with Punjab National Bank, effective 8^th of January. No reason was given for the pledging of these shares.

Currently, UAE’s Etihad holds a 24% stake in Jet.