Shares in Jet Airways India Ltd surged as much as 19.7 percent on Friday after traders said India's Foreign Investment Promotion Board was likely to approve a planned stake sale to Etihad Airways.

Jet Airways and Etihad Airways officials were not immediately reachable for comment on the market speculation. A spokesman for India's finance ministry, which oversees FIPB, declined to comment.

The FIPB, which clears foreign direct investment proposals, is scheduled to consider the Jet-Etihad deal at its meeting on Monday and traders said it may be approved.

The FIPB last month deferred a decision on Jet's plan to sell a 24 percent stake to Etihad.

Jet shares were up 14.6 percent at 0459 GMT, well above the 0.2 percent gain in the broader NSE index. – Reuters