Jet Airways shares slump after reports of Etihad's non-binding offer

15 May, 2019, 08:11 | Author: Regina Silva
  • Jet Airways CFO and deputy CEO Amit Agarwal quits company

Debt-laden and grounded Jet Airways' Chief Financial Officer and Deputy Chief Executive Officer Amit Agarwal has resigned from his positions, the company said on Tuesday.

The scrip tanked 7.42 per cent to close at Rs 129.10 on the BSE. Jet Airways share price declined 13.01 per cent to Rs 121.00 apiece at the day's lowest point. Shares of the carrier, which have tumbled nearly 70 per cent over the past year, were down 5 per cent at Rs 144.3, as of 0445 GMT.

Shares of Jet Airways had plummeted over 8 per cent Monday.

Gulf carrier Etihad's bid for Jet Airways is "disappointing" and lenders see little chance of reviving the beleaguered airline, which has temporarily shut operations.

Several top executives and board members have quit the airline.

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The cash-strapped airline was founded by Naresh Goyal over 25 years ago. It stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying.

SBI Capital Markets, which has been given the mandate to oversee the stake sale process for Jet Airways, has also received three unsolicited bids namely Adi Partners, Jason Unsworth's Atmosphere Airlines led consortium and another consortium, said people familiar with the matter.

Independent Director Rajshree Pathy and top executive Gaurang Shetty have also quit the board.

Struggling with a debt of more than $1.2 billion, Jet Airways owes money to lessors, suppliers, pilots and oil companies. But suitors had some qualms and a deadline for any interested parties to submit binding bids for the carrier ended on Friday with no such offers.

However, he added that Etihad "cannot be expected to be the sole investor" and "additional suitable investors would need to provide the majority of Jet Airways' required recapitalisation".

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