Back in October, ICRA downgraded the long term borrowing programme of Jet Airways to B from BB. Last time the rating downgrade was made highlighting the financial crisis that the second biggest airline was facing.

The Abu Dhabi-based Etihad had come to the rescue of the Naresh Goyal-controlled airline during the earlier downturn too.

Jet Airways cancelled at least 14 flights to various destinations after some of its pilots reported 'sick' over non-payment of their dues

The stock has gained after three days of consecutive fall and rose 8.94% to 319.80 intra day compared to its previous close of 293.55. At 1:13 pm, the stock was trading 8.16% or 24 points higher at 317.10 on the BSE.

The Indian market too welcomed the fall in international oil prices and opened marginally higher higher but quickly slipped into the red in line with its international counterparts.

The small cap stock has lost 53.30% during the last one year and fallen 61.22% since the beginning of this year. The stock gained 41.13% during the last four sessions. The stock is trading above its 50 day and 200 day moving average of 216.13 and 311.87.

Jet Airways' deputy chief executive and chief financial officer Amit Agarwal earlier this week had said the company was in talks with \"multiple interested parties\" for fund infusion.

Given the myriad troubles plaguing AirAsia India, finding a buyer for the Tatas' stake won't be easy.

The stock has been gaining for the last four days and risen 41.13% in the period. The small cap stock has lost 50.02% during the last one year and fallen 58.88% since the beginning of this year. Interestingly, the stock has gained 57.04% during the last one month.

Besides Goyal, who along with his family owns 51 percent stake in the carrier, Gulf carrier Etihad Airways holds 24 percent stake in the cash-strapped airline.

Media reports earlier this week suggested that the Tata Group had already started its due diligence process in order to pick up a controlling stake in Jet Airways, which recently reported its third consecutive quarterly losses for the quarter ending September.