Jet Airways slumps ahead of FIPB decision on Jet-Etihad deal

Jet Airways
Jet Airways India has dipped 11.37% to Rs 402 ahead of regulatory meet to decide on approval for Jet’s stake sale to Gulf carrier Etihad Airways.

The Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Arvind Mayaram, on Tuesday will take a call on the Rs 2,000 crore Jet-Etihad deal, the largest foreign investment in the Indian aviation sector, the PTI report suggests.

Jet Airways plans to sell 24% stake to Abu Dhabi-based Etihad for about Rs 2,058 crore.

Meanwhile, the private airliner on Friday after market hours has announced that Nikos Kardassis, Chief Executive Officer (CEO) of the company has resigned with effect from June 05, 2013, without citing a reason.

Chief Operating Officer (COO) Hamid Ali will be the ‘Acting CEO’ till the Board identifies and appoints a new CEO, it added.

The stock opened at Rs 458 and hit a low of Rs 393, its lowest value since November 2012, on NSE. The counter witnessed a tradin volume of more than 3.2 million shares on the NSE.

 

Source : Business Standard

http://www.business-standard.com/article/markets/jet-airways-slumps-ahead-of-fipb-decision-on-jet-etihad-deal-113061000284_1.html