Jet Airways Ltd shares fall as much as 13.6 percent after local media including CNBC TV18 and NDTV reported a planned deal to sell a stake in the to Abu Dhabi's Etihad may be called off, citing unnamed sources, but shares sharply pare losses after the carrier calls the reports "incorrect".

In a statement, a Jet spokeswoman calls media reports on the deal "incorrect and speculative", declining to elaborate.

Etihad has been in talks to buy a 24 percent stake in Jet, Indian government sources have said previously.

Jet shares ended down 2.9 percent.