Investors are seeing Jet AirwaysNSE 3.51 % as a better bet in the short term over its competitor SpiceJet after founder Naresh Goyal stepped down and lenders took control of the stressed airline Jet shares surged 6.5 per cent to close at a two-month high of Rs 271 on Tuesday, ending up for the third consecutive session. The stock has gained 24 per cent in the last three days.
SpiceJet, which has outperformed Jet over the last one month, slipped 3 per cent to Rs 92.75 on Tuesday. InterGlobe Aviation’s shares ended up 3 per cent at Rs 1,425.70.
Banks led by SBI will be allotted 11.4 crore shares while the airline would get immediate funding of Rs 1,500 crore in debt. Shares of SBI gained 3 per cent to Rs 303.30 on Tuesday to end as the top Sensex gainer.
