Jet Airways shares rise after report of chairman stepping down

Shares of Jet Airways Ltd jumped as much as 6 per cent on Friday, a day after sources said that founder Naresh Goyal had agreed to step down as chairman.

Goyal, who founded the full-service carrier 25 years ago, has also agreed to reduce his 51 per cent stake in the airline but would continue to be a part of the company in some capacity even after stepping down as chairman, one of the sources said.

Jet, saddled with over $1 billion debt, had a rough 2018 as competition intensified in the Indian skies, the rupee depreciated and high oil prices squeezed margins.