NEW DELHI: Shares in Jet Airways surged as much as 19.7 per cent on Wednesday after TV channel ET Now reported Etihad Airways is close to a deal to purchase a 24 per cent stake in the Indian carrier, citing unidentified sources.

ET Now reported Abu Dhabi's Etihad has already paid a “token” amount of $70 million, and will likely pay $400 million in the first tranche of the deal, the channel reported.

Jet shares were up 17.8 per cent as of 0749 GMT.