Shares of Jet Airways today surged nearly 20 per cent amid reports that some headway has been made in the deal between the Indian carrier and the Abu Dhabi-based carrier Etihad.

According to media reports, Etihad has made the initial payments to Jet Airways.

Reacting to the news, the shares which were on a down slide, surged to touch an intra-day high of Rs 537.75 on the BSE, a rise of 20 per cent from their previous closing price.

Similar movement was witnessed on the National Stock Exchange as well, where the stock surged nearly 20 per cent to touch a high of Rs 537.95.

Etihad is reported to be buying 24 per cent equity in Jet Airways for about Rs 1,800 crore.