Jet Airways shares drop over 4% on reports of airline's 'turnaround' man Nikos Kardassis' exit
Shares of Jet Airways declined over 4 percent after the company's former CEO Nikos Kardassis, who made a comeback to the carrier in an advisory role, has once again parted ways with it.
New Delhi: Shares of Jet Airways declined over 4 percent after the company's former CEO Nikos Kardassis, who made a comeback to the carrier in an advisory role, has once again parted ways with it.
The airline, after a negative opening on the BSE, further slipped 4.55 percent to Rs 248.10 per share. At 1324 hrs, the scrip was trading at Rs 249.7, lower 3.94 percent from the previous close.
On the National Stock Exchange, the stocks slumped 4.57 percent to the low of Rs 248.
The Greek-American aviation veteran in his third comeback to Naresh Goyal-controlled Jet Airways in May was roped in to revive the fortunes of the full-service carrier following its dismal financial performance since January this year.
"Kardassis, whom Goyal roped in to help him in the airline's turnaround plan, had gone on leave to his native place in November but after that, he did not return," a source privy to the development told PTI on Sunday.
The former chief executive officer parted ways with the airline after Goyal initiated discussions with his investment partner Etihad Airways for further stake sale to garner funds, said another source.
Naresh Goyal, who founded the full-service carrier 25 years ago, has also agreed to reduce his 51 percent stake in the airline
Shares of Jet Airways zoomed 15.5 percent on Monday with its founder and Chairman Naresh Goyal and his wife Anita Goyal stepping down from the crisis-hit airline's board