Shares in Jet Airways surged as much as 19.7 percent on Wednesday after TV channel ET Now cited unidentified sources as saying Etihad Airways was close to a deal to purchase a 24 percent stake in the Indian carrier.
Abu Dhabi's Etihad has already paid a "token" amount of US$70m, and will likely pay US$400m in the first tranche of the deal, the channel reported.
A Jet Airways spokeswoman referred Reuters queries on the report to Etihad. Etihad said it did not have an immediate comment.
Indian TV channels said Etihad had bought Jet's slots at London's Heathrow airport for US$70m, but did not say whether that was a part of the stake buy agreement.
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