Shares of Jet Airways slump on reports of key adviser's exit

Jet Airways rep Representational image | Twitter handle of Jet Airways

Shares of Jet Airways declined over 4 per cent on Monday after the company's former CEO Nikos Kardassis, who made a comeback to the carrier in an advisory role, once again parted ways with it.

Jet Airways, after a negative opening on the BSE, further slipped 4.55 per cent to Rs 248.10 per share. At 1:24pm on Monday, the scrip of Jet Airways was trading at Rs 249.7, lower 3.94 per cent from the previous close.

On the National Stock Exchange, Jet Airways stocks slumped 4.57 per cent to the low of Rs 248.

Kardassis, a Greek-American aviation veteran in his third comeback to Jet Airways in May, was roped in by the airline's promoter Naresh Goyal 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 at Jet Airways told PTI on Sunday.

Kardassis parted ways with Jet Airways after Goyal initiated discussions with his investment partner Etihad Airways for further stake sales to garner funds, said another source.