Shares of Jet Airways gain 5 percent on continuing speculation that Abu Dhabi's Etihad Airways will buy a stake in the carrier, the first such investment by a foreign carrier in an Indian airline since rules were relaxed last year.

Etihad will finalise a deal to buy a stake in Jet Airways on Friday, CNBC TV18 reported earlier this week.

The Gulf carrier could pay up to $330 million for a 24 percent stake in Jet, India's second-biggest carrier, a senior government source told Reuters earlier this month.