Shares in Jet Airways rose as much as 6 percent on Thursday, a day after a senior government source told reporters the carrier was the front-runner to win an investment from Etihad Airways.

The Gulf carrier could pay up to $330 million for a 24 percent stake in Jet, and a deal is likely in the next 10 days, the official said.

Jet Airways India Ltd was up 5.2 percent as of 0349 GMT.

However, shares of Kingfisher Airlines (KING.NS), which had been vying with Jet to win the Etihad investment, fell 2.6 percent.