More layoffs expected this week; Jet has also seen exits at the top after Etihad stake buy

Jet Airways has terminated the services of close to 40 employees from various departments, including cargo and human resources.

All those whose services were terminated were based in Delhi.

Employees claim that many of them were sacked after their superiors were asked to ready their performance reports earlier this year. More terminations are expected this week.

Employees claim that two senior Jet Airways management personnel came to Delhi last week and the process of terminating employment started soon after.

The airline did not comment.

Attrition fears

There have been fears of attrition in Jet Airways ever since the Abu Dhabi-based Etihad Airways acquired a minority stake in the airline for over ₹2,000 crore in April 2013.

Since then, the airline has also seen some senior-level exits. The latest to quit was acting Chief Executive Officer and Chief Financial Officer Ravishankar Gopalkrishnan, who resigned in March, barely three months after taking over the top job.

Gopalkrishnan’s departure came after a string of other high-profile departures, including that of KG Vishwanath, Vice-President, Commercial Strategy and Investor Relations, and Sudheer Raghavan, Chief Commercial Officer.

On Thursday, the airline’s stock closed at ₹279.90, up 1.89 per cent, on the BSE.

(This article was published on April 20, 2014)
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