Jet Airways tanks 20% in 3 days, nears record low as top executives resign

The stock slipped 6 per cent to Rs 121 on Wednesday, falling 20 per cent in past three days, trading close to its all-time low of Rs 115 touched on March 12, 2009 on the BSE.

Jet Airways (India) shares slipped 6 per cent to Rs 121 on Wednesday, falling 20 per cent in past three days on the BSE after top executives of the cash-strapped airline resigned with immediate effect.

The stock was trading close to its all-time low of Rs 115 touched on March 12, 2009, on the BSE in intra-day trade.

The top executives who put in their papers include Jet’s chief executive officer (CEO) Vinay Dube, chief finance officer (CFO) and deputy CEO Amit Agarwal and company secretary Kuldeep Sharma. Recenty, Jet’s chief people officer Rahul Taneja and executive director Gaurang Shetty had also quit, besides other seniors in engineering, network management and corporate affairs teams.

Jet Airways grounded its operations on April 17 after running out of cash and the lenders-led resolution plan not working. In the bid process, managed by SBI Caps, Etihad put in a letter of interest to re-invest in a minority stake in Jet just before the end of deadline on Friday. The tough conditions set by Etihad and absence of a majority investor adds up to a bleak scenario for the Naresh Goyal-founded airline, Business Standard reported.

Meanwhile, according to media report, Etihad Airways, the second-largest shareholder in Jet Airways and other lenders to the airline have reportedly approach UK's Hinduja Group for a stake sale. CLICK HERE TO READ FULL REPORT