Jet Airways declines over 3% on reports of Kardassis' exit

Shares of Jet Airways fell over 3 per cent 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.

On the BSE, the scrip shed 3.79 per cent to settle at Rs 250.10. Intra-day, it lost 4.90 per cent to Rs 247.20, its lowest during the day.

On the NSE, the stocks declined 3.44 per cent to close at Rs 250.95. During the trading session, it had touched a high of Rs 253.90 and a low of Rs 247.10.

On the equity volume front, a combined of over 1.1 crore units were traded on the stock exchanges during the day.

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.