Jet Airways rises in volatile trade; company approves rescue deal to plug $1.2 billion gap

Jet Airways’ shares fell as much as 4.83 per cent to ₹215

Shares of Jet Airways Ltd, reverse early losses to gain as much as four per cent in volatile trade.

After the market hours on Thursday, the board said it approved a rescue deal which will make its lenders its largest shareholders and fix a near ₹85 billion ($1.19 billion) funding gap.

The plan by the lenders, led by State Bank of India (SBI), includes an equity infusion, debt restructuring and the sale or sale and lease back of aircraft