Shares of Jet Airways Ltd fell as much as 11.4 per cent on Monday after media reports said a buyout offer from West Asian carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier.
Etihad, which owns about 24 per cent stake in Jet, submitted a bid for the airline, the unit of State Bank of India (SBI) 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.
