News X: Shares in Jet Airways surged as much as 8 per cent on Tuesday, a day after the Foreign Investment Promotion Board (FIPB) gave conditional approval for a Rs. 2,059 crore ($379 million) deal by Abu Dhabi's Etihad Airways to buy a stake in the Indian carrier.

However, profit taking was seen in the counter as the stock has gained over 20 per cent in the three days. Jet Airways shares traded down 1.5 per cent at Rs. 406 as of 12.25 p.m. after earlier hitting a high of Rs. 445.

Mahantesh Sabarad of Fortune Equity Brokers told NDTV that despite sharp gains over the last few days, Jet shares are substantially down from levels (around Rs. 600) seen in April, when the deal was announced.

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