After nearly a weak long stand off between the protesting pilots and the management of Jet Airways which led to daily losses to the tune of $2.2 million, Monday was the time of revival with stocks rising by 5.05% during early morning trade. On 14 September, the Jet shares rose by 13 points or 5.05% to trade at 570.40 before settling close to 3% as of 11:40 a.m.
In addition to the returning of pilots to work after the strike, the company has offered as much as 50% in total fares for passengers traveling by economy class across all domestic flights. During the strike, about 250 domestic and international flights got cancelled leading to about 1,00,000 passengers getting stranded at various Airports all over the world.
Under the agreement reached between the pilots and the company board, a consultative body would be constituted which would include 5 pilots in addition to 2 members from the company’s Board of Directors. The purpose of setting up this group is to facilitate constant dialogue between the management of the company and the pilots in future.
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