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.

Press Trust of India December 17, 2018 14:38:45 IST
Jet Airways shares drop over 4% on reports of airline's 'turnaround' man Nikos Kardassis' exit

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.

Jet Airways shares drop over 4 on reports of airlines turnaround man Nikos Kardassis exit

Representational image. Reuters

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.

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