Jet Airways remains in turbulence

Two news, not so good ones, dogs Jet Airways today, figuring among the top three losers on the BSE this morning.

First one is that its CEO, said to be a turnaround guru, the Greek-American aviation veteran, Nikos Kardassis, has quit the company. This was his third come-back to Jet Airwaysin in May this year after he was roped-in to revive the fortunes of the company. It is rumoured that he quit after Naresh Goyal initiated talks with Etihad Airways  for further stake sale to generate more funds.

The second, more worrisome is this unconfirmed news from PTI that SBI has called for forensic audit of its books.

Jet Airways owes some Rs.8000 crore to SBI and the bank has reportedly mandated Ernst & Young to conduct a forensic audit of the airline’s books for the period between April 2014 and March 2018.

The stock price has slipped down over 4% to Rs.249.05, with its 52-week low at Rs.163.