Air France shares slide amid CEO's resignation, continued strike action

United we stand Alex Ferguson transformed Manchester's Red Devils

United we stand Alex Ferguson transformed Manchester's Red Devils

And on Sunday, minister Bruno Le Maire warned Air France could "disappear".

The firm's CEO Jean-Marc Janaillac announced his resignation on Friday after staff at the carrier's French operations rejected a pay deal aimed at ending months of walkouts. But over at Air France, that well-oiled worker conflict played out in a decidedly more retro fashion.

At Air France - which is part of an airline alliance with Dutch carrier KLM - the labor dispute intensified on Friday when staff rejected a pay deal worth seven percent over four years.

On Monday, the price of the shares of Air France had plunged by almost 13 percent but easily recovered as the day passed on.

He added: "The challenge is the survival of Air France, the development of a company to which we are all attached".

Due to the new strike on Monday over wage demands the cancellation of about 15 percent of Air France flights worldwide was prompted.

"The future looks turbulent for the company", said Gregoire Laverne, fund manager at Roche Brune Asset Management, who sold his Air France-KLM shares in September 2017.

Air France has said that "nearly 85 percent" of its flights would be operating, including 99 percent of long-haul flights, 80 percent of its medium-haul flights to and from Charles de Gaulle and 87 percent of short-haul flights to Orly airport and elsewhere in France.

Mr Le Maire told French news channel BFM TV: "I call on everyone to be responsible: crew, ground staff, and pilots who are asking for unjustified pay hikes". Janaillac's resignation launched the decline of the stock. It estimates the industrial action has so far cost it 300 million euros ($357 million).

The airline said: "Air France deplores the continuation of these strikes even though the period that opens does not allow to pursue any negotiation".

The Air France turmoil has coincided with other strike action in France where rail workers press on with rolling stoppages to protest President Emmanuel Macron's planned overhaul of SNCF, the state-run train operator.

Unions want a 5.1% pay rise this year, arguing that their wages have been frozen since 2011 amid restructuring and noting that the company's profits are up.

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