Aviation

Jet Airways shares jump 18% intra-day after Naresh Goyal, wife Anita Goyal step down from board

Updated : March 25, 2019 03:51 PM IST

Jet Airways shares rose as much as 3.4 percent to Rs 233.75 per share intraday on the NSE

Goyal has agreed to bring down his stake in the airline to 9.9 percent, sources told CNBC-TV18

Jet Airways shares jumped nearly 18 percent in intra-day trade, settling 13 percent higher on Monday. The debt-laden aviation firm informed the exchanges that chairman Naresh Goyal and his wife Anita Goyal have stepped down from the airline's board on Monday.

Earlier, CNBC-TV18 had reported that chairman Naresh Goyal has agreed to reduce his stake in the cash-strapped airline. Jet Airways shares rose as much as 10.48 percent to Rs 249.75 per share intraday on the NSE.

At 3:00 PM, the Jet Airways stock price was trading at Rs 247.35 per share, up 9.42 percent from its previous close, while the Nifty50 was down 1.02 percent at 11,339.50.

Goyal has agreed to bring down his stake in the airline to 9.9 percent, sources told CNBC-TV18. Goyal is likely to have a 3-year window to buy back stake on fund infusion, the sources added, who did not want to be named. However, Jet Airways is yet to comment on the story.

Goyal holds a 51 percent stake in Jet Airways.

CNBC-TV18 had previously reported that the lenders to the struggling airline had asked the founder to slash his stake in the company below 10 percent and step down immediately.

Sources, last week, told CNBC-TV18 that the banks were discussing replacing Etihad Airways with an investment fund after the Abu Dhabi-based airline offered to sell its stake in the beleaguered airline.

Jet Airways shares jump 18% intra-day after Naresh Goyal, wife Anita Goyal step down from board

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