Shares of Jet Airways fell as much as 6.8% on Wednesday, a day after three senior executives stepped down from the crisis-hit airline. Jet’s CEO Vinay Dube, head of finance Amit Agarwal & head of human resources Rahul Taneja quit within a span of 24 hours. This came after Jet’s lenders failed to find a majority investor for the airline.
BENGALURU – Shares of Jet Airways Ltd fell as much as 6.05% on Wednesday, a day after its chief executive & two other senior executives stepped down, raising serious doubts over the revival of the debt-laden airline.
CEO Vinay Dube, head of finance Amit Agarwal & head of human resources Rahul Taneja quit within a span of 24 hours after Jet failed to receive a concrete deal offer.
Jet, once among the largest carriers in the country, was forced to ground all flights after running out of money & failing to secure funds.
The Indian carrier, also saddled with roughly $1.2 billion in bank debt, was crippled by mounting losses as it attempted to compete with low-cost rivals Interglobe-owned IndiGo, SpiceJet Ltd & Wadia Group-owned GoAir.
The stock was down 4.7%, as of 0347 GMT, & plunged 53.5% this year, as of Tuesday’s close.