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India's Jet Airways loses second chief in 7 months

Loss-making Indian private carrier Jet Airways said Thursday that its chief executive had resigned -- the second to do so in the past seven months. "Garry Kenneth Toomey, chief executive officer of the company has resigned with immediate effect," said a statement from Jet on the Bombay Stock Exchange website, without giving a reason. Loss-making Jet's chief financial officer, Ravishankar Gopalakrishnan, will take charge as interim chief until a new CEO is appointed, the statement added.

Shares in India's Jet jump on Etihad deal clearance

Shares in India's Jet Airways jumped on Friday after the government cleared the group to sell a 24-percent stake to Abu Dhabi-based Etihad in the first such foreign deal since reforms last year. Jet announced the plan to sell its shares to Etihad in April, taking advantage of a government move to open the aviation sector a year ago to allow international carriers to buy up to a 49 percent stake in domestic operators. Jet shares rose as much as 7.27 percent in morning trade, and was later up 2.55 percent at 396.45 rupees on the Bombay Stock Exchange.

India's Jet Airways shows $58 million quarterly loss

Indian carrier Jet Airways, which is set to sell a minority stake to Abu Dhabi-based Etihad, on Thursday posted its second straight quarterly loss, hit by lower income and high fuel prices. The carrier reported a consolidated net loss of 3.55 billion rupees ($58 million) in the three months to June, against a profit of 247 million rupees in the same period last year. Revenues fell 12.3 percent to 40.64 billion rupees, from a year earlier, the airline said in a statement.

India's Jet Airways shares rise on Etihad deal progress

Shares of India's private carrier Jet Airways jumped nearly eight percent Tuesday morning, a day after it was granted conditional approval to sell a stake worth $349 million to Abu Dhabi-based Etihad. Jet rose as much as 7.95 percent to a high of 445.0 rupees, reacting to the clearance of the deal by India's foreign investment panel on Monday. The agreement must ultimately be approved by the Cabinet Committee on Economic Affairs chaired by Prime Minister Manmohan Singh.

India panel clears Jet-Etihad deal

India's foreign investment panel Monday approved a plan for Abu Dhabi-based Etihad to buy a stake in Indian airline Jet, but the pact still faces other hurdles. "It (the agreement) has been cleared" by the Foreign Investment Promotion Board (FIPB), a senior finance ministry official told AFP. "But there are conditions," the official, who asked not to be named, said. He said he could not immediately disclose the riders attached to the FIPB's approval of the $349 million deal.

India's Jet Airways shares fall as Etihad approval delayed

Shares of India's private carrier Jet Airways slumped nearly 12.3 percent Monday morning, after authorities last week delayed approval for Abu Dhabi-based airline Etihad to acquire a stake. Jet shares fell as much as 12.27 percent to a low of 411.6 rupees at the Bombay Stock Exchange. The Jet-Etihad deal, announced in April, is the first overseas investment in an existing Indian carrier since New Delhi eased restrictions to allow foreign firms to take up to a 49 percent stake in the country's airlines.

India's Jet Airways shareholders approve Etihad deal

Shareholders of India's Jet Airways on Friday approved a deal in which Abu Dhabi-based airline Etihad will take a 24 percent stake in the private carrier, media reports said. Jet shareholders approved the proposed issue of shares on a preferential basis to Etihad, at an extraordinary general meeting held in the city, the Press Trust of India agency said. Shares will be allotted only after completion of all regulatory approvals.

India's Jet Airways says sorry for pet cat's death

India's Jet Airways has voiced "sincere regret" and offered a lengthy public apology to the owner of a pet cat that was run over before boarding a flight from New Delhi to Singapore. The contrite statement of more than 1,000 words was posted on Facebook, explaining the circumstances around the "sad and tragic demise" of the cat called James Dean and promising a review of the airline's handling of animals. The feline and its owner were to take a flight on Saturday, but James Dean leapt onto the tarmac and was run over by a vehicle before being loaded on to the plane.

India's Jet shares soar on investor hope of Etihad stake buy

Shares of India's Jet Airways surged almost 20 percent on Wednesday after Abu Dhabi-based Etihad paid $70 million to the Indian carrier for London landing slots. The move by Ethihad fuelled investor hopes that the Gulf carrier could be close to a long-anticipated deal to purchase a stake in the Indian airline. Jet shares jumped almost 20 percent to a day's high of 537.75 rupees after Etihad confirmed that it has paid $70 million for the landing slots at London's Heathrow Airport.

Shares in India's Jet slide on Etihad deal worries

Shares in Jet Airways plunged nearly six percent Friday on concerns over whether India's second largest private airline will clinch a stake sale to Abu Dhabi-based Etihad Airways. Shares fell 6.19 percent before recovering slightly to close down 5.81 percent at 527.35 rupees as a media report said "fresh hurdles" had emerged in talks with the Gulf carrier over its plans to buy a stake in Jet. "Etihad has put a host of conditions, including an option to buy up to 49 percent stake in Jet," the Business Standard said on Friday, citing an unnamed source.
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